DUBAI: Iran's plans to ramp up crude oil production yet exports will not cause global prices to fall sharply because markets have anticipated the extra supply, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.
"The global oil market has taken account of the increase in Iranian production in the coming months, and the arrival of Iranian oil will not cause a strong fall in prices," state news agency IRNA quoted Zanganeh as saying.
Zanganeh reiterated that Iran plans to increase crude production by 500,000 barrels a day after international sanctions are lifted, which Iran says will happen by the end of December but most analysts think will be in early or mid-2016.
"We have no worry about increasing production and selling our oil," he said, adding that Iran would continue to prioritise its traditional customers in Asian markets.
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