7 March 2016 - 10:12
  • News Code: 256421
Iran to Boost Oil Exports to 2mbd: Economy Minister

TEHRAN, March 07 (Shana) -- Minister of Economic Affairs and Finance Ali Tayebnia says Iran will raise its crude oil exports to 2 million barrels per day in a short time.

"Arrangement have been made for the return of Iran to the market and the country's exports are estimated to reach 2mbd in a short time," said the official.

Addressing a gathering of senior economic and financial managers on Sunday, Tayebnia said the current year, which will end on March 20, was a significant and sensitive year for Iran's economy given the unprecedented oil price slump in global oil markets leading to reduced oil income for the country.

"Banking, trade and economic restrictions were imposed on Iran at a time when the country was exercising its highest dependency on oil revenues which intensified the effect of sanctions," he added.

He said the sanctions and the falling oil prices were two major challenges for the country's economy but the administration managed to pass them behind by proper management and timely decisions.

He further said agreements for opening f$10bn credit line by Japan and $5bn credit lines by South Korea herald Iran's economic growth now that sanctions have been lifted.
News Code 256421

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