Iran: We're Going to Produce Way More Oil
Even if it means tanking global crude prices
By Matt Cantor, Newser User
Posted Dec 4, 2013 10:16 AM CST
Iran's Minister of Petroleum Bijan Namdar Zangeneh talks ro journalists as he arrives at a hotel in Vienna, Austria, on Tuesday, Dec. 3, 2013.   (AP Photo/Hans Punz)

(Newser) – Following an initial nuclear deal between Tehran and the West, Iran is planning to ramp up its oil production, its oil minister says. "We will produce 4 million even if the price drops to $20," says Bijan Namdar Zanganeh. That's about a sixth of the current price, and it would leave production costs far higher than revenue, the AP notes. Saudi Arabia, which produces about a third of OPEC's supply, doesn't plan to reduce production for Iran's benefit, and OPEC doesn't look likely to raise its 30-million-barrel daily production limit, Arab News notes.

Still, the Saudi oil minister doesn't appear worried about any potential export crisis. "I hope Iran comes back (and) produces all it can," he says, per the AP. But the nuclear deal itself may face a challenge, with Republican lawmakers on the attack; some Democrats, including Charles Schumer, have also expressed doubts.

  • "The overwhelming sentiment (among House Republicans is) this was an agreement that was foolish, dangerous, and that we need to do something and push forward," says Rep. Tom Reed. The House could push the Senate for new Iran sanctions, or it could pass a resolution officially expressing disapproval, the Hill reports.
  • The public apparently feels differently. A poll shows that a plurality of Americans who know at least "a little" about the agreement—some 34%—back it. That's compared to 22% who are against it, and 41% who either don't have an opinion or know too little to give one, Politico reports.

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Showing 3 of 92 comments
kumatose
Dec 7, 2013 6:13 PM CST
I suppose all those obama-haters are kicking themselves for being so gullible, being loudmouthed miscreants thinking the price was all obama's fault. I tried to tell them... too brainwashed to listen.
jgarbuz
Dec 6, 2013 4:44 PM CST
Well, they want to bring down the US, Saudi and other oil producers by now flooding with cheap oil. This deal was STUPID as Netanyahu said it would be. Sure, China and India will be happier with cheap oil, but the oil industry here in the US will die again, as will alternative energy companies, and we'll be importing oil again. And global warming will get ever worse. Iran only wants to destroy the Saudis, the Israelis, and America. As Netanyahu said, they got the deal of the century.
The_Word
Dec 5, 2013 11:01 AM CST
Dumb deals! We are currently exporting oil to China, oil production is up in U.S. Get Pastor Saeed out! Be bold!