Iran says it will export an additional 500,000 barrels of oil a day in a bid to reclaim its market share after sanctions are lifted under a landmark nuclear deal.
Oil Minister Bijan Zanganeh told reporters Tuesday that the increase is part of Iran’s plan to double its crude oil exports as sanctions are lifted, which officials expect to happen in early 2016.
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OPEC member Iran currently exports 1.3 million barrels of crude oil per day and hopes to get back to its pre-sanctions level of 2.2 million, last reached in 2012.
Zanganeh says Iran will not concede its share of the market and does not fear a further decline in prices. Oil prices have plunged by more than half over the last year, to just over $40 a barrel.