Lukoil VP predicts how much oil Iran can offer to market

Lukoil VP predicts how much oil Iran can offer to market

If sanctions are lifted, Iran will be able to offer up to 1.5 mln barrels of oil per day to the market in the near time, Vice President of Lukoil Leonid Fedun told reporters on the sidelines of the St. Petersburg International Economic Forum on Thursday.

"Up to 1.5 mln barrels daily," the top manager said. This volume can be quickly supplied to the market, he added.

The factor of Iran is the key one for OPEC and it is more important than the demand on the global oil market, the top manager said.

"Shortage may turn into surplus. That is why OPEC is so cautious in all its actions," TASS cited Fedun as saying.

Iran has the potential of increasing oil production to 6 mln barrels per day, the top manager added.

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