Iran's ability to export crude would be at risk if investment dries up, Iran's oil minister was quoted as saying on Monday, in a rare display of concern for the finances of the crucial energy sector.

The world's fifth largest oil exporter usually downplays the impact on international sanctions, which have pushed several western oil companies to pull out of investing in Iran.

Oil Minister Massoud Mirkazmi's remarks, reported by the semi-official Mehr news agency, therefore imply there is real concern about where the country will find the $8 billion per year it says it needs to invest to maintain production levels.

'If no investment is made in Iran's oil and gas industry, considering that our reservoirs are in the second half of their lives, then there would definitely be concerns for the continuing production and export of Iran's crude,' Mirkazemi said during a conference at an oil and gas fair in Tehran, Mehr reported.

'Some western countries are pursuing the policy of disrupting the energy balance and Iran's hard currency incomes. That is why making investments in the oil and gas industry is a necessity.'

The minister said Iran was on average pumping more than 4 million barrels of crude per day (bpd) and 600 million cubic metres of natural gas. The total output of oil, gas and gas condensates was 'equal to 8 million barrels of crude per day,' he said.

Of this, he said, about 2.5 million bpd of crude was being exported and the rest was used domestically.

Gholam Reza Gharibi, the head of the Iranian Oil Terminals Company, said Iran's average daily crude exports in the Iranian year ending March 20 were between 2 million and 2.1 million barrels, the semi-official Mehr news agency reported.

Mirkazemi said he hoped Iran could increase its share of the global oil market.

'Considering that energy consumption has shifted to East Asian countries, Iran's eastern-oriented energy export policies can lead to an increase of its proportion of the global energy market.' – Reuters