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Iran unable to boost oil production without foreign investment — Lukoil official

March 24, 14:45 UTC+3 MOSCOW
According to Iran’s First Vice President Eshaq Jahangiri, the country has increased its daily oil production by 900,000 barrels after anti-Iran sanctions were lifted on January 16
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© AP Photo/Vahid Salemi, File

MOSCOW, March 24. /TASS/. Iran will not be able to seriously increase oil production without foreign investment, Vice-President Leonid Fedun said, adding that global producers may take the decision on oil output stabilization without the country.

"This makes no difference as Iran will not be able to seriously increase output without major foreign investment. Also, Iran’s domestic demand is very high, this is a huge populous country. Well, they can add 300,000-400,000 barrels to the market, which is minor and more of speculation," he said when answering the question whether global oil production may be stabilized without Iran.

The official pointed out that Lukoil keeps interest in participating in Iran’s projects, though it expects better terms from the country.

"We’re still interested in Iran, though so far neither terms nor legislation are in place. We’re considering (it) similar to Iraq, with the same provinces, which we know very well. We will say yes if the terms are in line with our investment strategy," he said, adding though that "no one will agree to buy back."

According to Iran’s First Vice President Eshaq Jahangiri, the country has increased its daily oil production by 900,000 barrels after anti-Iran sanctions were lifted on January 16. In March, the country’s daily crude output stood at 3.1 mln barrels, the Kayhan daily reported.

Earlier Russian Energy Minister Alexander Novak said Iran was ready to join the oil production freeze after reaching the pre-sanction production level of 4 mln barrels daily.

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