VIENNA – Iran says it plans to pump as much oil as it can once sanctions on its crude exports are lifted, even if the extra output causes prices to slide.
The comments by Iranian oil minister Bijan Namdar Zanganeh reflect Tehran's determination to regain its role as a global oil power. Sanctions will not be lifted before mid-2014, under a nuclear deal with six world powers that is meant to ensure the country cannot make atomic weapons.
Iran is pumping over 1 million barrels a day less than its normal production level of 4 million barrels a day.
Ahead of an OPEC meeting, Zanganeh said Iran was determined to regain its share "even if the price drops to $20."
The Brent crude rate is selling around $112 a barrel on Wednesday.