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Iran says oil price to rise to around $80 a barrel by 2017

18 May 2015 07:50 (UTC +04:00)

Baku – APA-Economics. Iran hopes its crude oil exports will return to pre-sanctions levels within three months once a deal with major powers to lift an oil embargo is finalised, Iran's Deputy Oil Minister Rokneddin Javadi told Reuters.

"We hope we can come back to the export levels that we had before the sanctions," Javadi, who is also the managing director of the National Iranian Oil Company, told Reuters.

"Yes, 2.5 (million barrels per day), around," he said, adding that this could possibly be achieved in three to six months.

Javadi said he expected the oil price to rise to around $80 a barrel by the end of 2016.

Iran currently has less than 10 million barrels of crude stored onboard tankers that could be released post-sanctions depending on market conditions, Javadi said.

He said the OPEC producer expected to claw back lost market share in Asia and Europe.

"It depends on market situation and price level, but we will come back to the traditional trade that we had before," he said, adding that Asia could take more than 50 percent of Iran's exports.