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Novak: Iran should have opportunity to reach pre-sanction oil output level

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Russia, Saudi Arabia sign joint statement to stabilize oil market

HANGZHOU (China), September 5. /TASS/. Iran should have the opportunity to reach pre-sanctions level of oil production, Russia’s Energy Minister Alexander Novak said Monday.

"As for Iran, which is an OPEC-member, we’re sticking to the view that Iran should have the opportunity to reach pre-sanctions level of output volumes," Novak said.

"We expect biggest countries - both OPEC member-states and non-OPEC members - to be consolidatedly present on the market," he added.

In August, OPEC member-states boosted their total crude production by 120,000 barrels of oil per day to record 33.69 mln barrels amid growing production in Iran, Iraq and Kuwait, according to Bloomberg. Particularly, Iran increased its crude production by 60,000 barrels per day to 3.62 mln in a move to reach pre-sanctions level of 4-4.2 mln barrels.

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