BAKU, Azerbaijan, November 25. Iran plans not to cut its share in the oil market within the framework of the Organization of the Petroleum Exporting Countries, Iranian Oil Minister Mohsen Paknejad told local media, Trend reports.
According to him, Iran is endeavoring to dispute the restriction regarding the reduction of oil production within the context of the OPEC and OPEC+ meetings scheduled to take place in Austria.
Noteworthy that Iran's share in crude oil production in the third quarter of this year amounted to 4.3 percent.
Commenting on the election of a new president in the US, the Iranian minister emphasized that there is no difficulty with crude oil exports based on the potential of Iran's Oil Ministry at the international level. Some, referencing Donald Trump's election as the new US president, inquire whether this election will impact Iran's crude oil sales volume. Nonetheless, Iran's Ministry of Oil and the National Oil Company are engaged in the exportation of crude oil, with requisite measures being organized for these exports.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
