Iran Gives Order to Boost Crude Oil Output Amid Global Glut
- U.A.E. says added barrels won't help oversupplied oil market
- `Quick boom' in Iran exports from storage not sustainable: JBC
Iran Comes Back to Global Markets
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Iran’s oil ministry issued an order to increase production by 500,000 barrels a day as the country moved ahead with plans to add supply to a glutted market even at the risk of contributing to a price collapse.
The increase is possible now that Iran is unfettered by sanctions on its crude exports, the ministry’s news agency Shana reported Monday, citing comments by Roknoddin Javadi, managing director of state-run National Iranian Oil Co. If Iran doesn’t boost production, neighboring countries will pump more oil within six to 12 months and take away its market share, Javadi said.