Iran`s official: World incapable to meet demands without Iranian oil

TEHRAN,June 20( MNA) - The global oil producers can not meet demands without taking Iranian oil into account, said the deputy Iranian oil minister. Mohsen Khojasteh-Mehr told that Iran is second holder of natural gas reserves, without around 34 trillion cubic meters of deposit. The country plays an important role in securing energy supply to international markets. “Sanctions are issues of short-term,” he said, “The world has come to the conclusion that if it removes Iran from the global gas market, it will create critical conditions.” The National Iranian Oil Company’s managing director Ahmad Qalebani has said that the country’s daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015. Oil Minister Rostam Qasemi said in August 2011 that the Iranian government should consider plans for the development of joint oilfields. The government should increase the budgets for the development of joint oilfields, Qasemi added. "The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve objectives of the 20-Year Outlook Plan," Qasemi was quoted as saying."