OPEC: Iran seeks to boost oil production

Iran is seeking to increase its oil exports after the lifting of sanctions, saying it needs to recoup its market share, making Tehran a challenge to any deal among producers to fix a supply glut, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday.

Iran wants to regain its position as the second largest producer in OPEC, behind Saudi Arabia, which it lost in 2012 to Iraq when sanctions over its nuclear work forced Tehran to cut exports.

Now, the recovery of market share is central, sources say.

“Because of the international sanctions, we lost 1.1 million barrels per day of our exports. So we have to go back to our share of the market,” a source familiar with Iranian thinking said on Thursday.

With the lifting of sanctions earlier this month, Iran says it is increasing its oil output by 500,000 barrels per day (bpd) and boosting exports, a plan that other OPEC sources say makes any global cut agreement harder.

Sources say that OPEC officials were holding bilateral talks to persuade Russia to participate in cuts alongside OPEC and for Iran to soften its position.

They added that Venezuela and Algeria are among the countries holding these talks.

Russian Energy Minister Alexander Novak said on Thursday that OPEC was trying to organize a meeting with other producers next month.