Iran draws closer to No. 2 OPEC position

“Our crude oil and condensate exports have now reached 2.5 million barrels per day and crude oil (exports) have solely hit 2.1 million barrels per day,” Zangeneh told the state television on Monday night.

“To get back to our place as the second OPEC producer, we need time. Currently, we are even behind Iraq in terms of crude production but with the planning which has been made, we will achieve this position in the future.” 

Iran, currently the third OPEC producer, has been ramping up oil production to reclaim its market share after the lifting of sanctions in January.

Zangeneh said sanctions cut Iran’s oil production by 1 million barrels per day to about 2.7 million, which also saw the country’s oil and gas sector languish through years of a major investment drought.

“Unfortunately over the past few years, no investment has been made in the country and in the oil and gas sectors,” he said through a video link from Iran’s oil-rich Khuzestan.