Iran: Oil Sector Unharmed by Sanctions

A02976675.jpgTEHRAN (FNA)- Iran’s Oil Minister Gholam Hossein Nozari said the latest UN sanctions against Tehran will have no impact on the country’s oil sector.

Nozari said Iran’s plan to increase oil production would not be influenced by the UN Security Council’s decision to impose a third round of sanctions on the country over its nuclear program, Thomson Financial reported.

Nozari made the remarks ahead of Wednesday’s summit of the Organization of Petroleum Exporting Countries (OPEC). He also described the UN Security Council’s decision as being ‘politically motivated’.

The 13-member organization decided to maintain its current oil output at the Vienna summit, saying high oil prices had been the result of a weak dollar, speculations and political strife.

Nozari had estimated Iran’s oil output at 4.15 million barrels in OPEC November summit.

Iran plans to increase production capacity to 4.5 million barrels per day within the next two years.

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