Iran Says it will Not Negotiate with OPEC

Iranian Oil Minister Bijan Zanganeh told a press conference in Tehran, "We will not negotiate with OPEC to increase our production. We will only notify them when we adapt." The statement came after OPEC indicated that limits on Iranian production would be placed on increases to the half million barrels per day oil production hike Iran plans once sanctions are lifted in early 2016. Iran’s goal is to ramp up production, “Zanganeh has repeatedly said share is a greater priority than crude prices.” Current Iranian production is 2.8 million bpd compared to over 4 million bpd in 2011 prior to U.S. and European sanctions.