Iran plans to raise oil production “at any cost” to defend the country’s market share, stated the country’s Oil Minister, Bijan Namdar Zanganeh.

“We will be raising our oil production at any cost and we have no other alternative,” said Zanganeh. “If Iran’s oil production hike is not done promptly, we will be losing our market share permanently.”

The minister also noted that Iran backs calls for an emergency OPEC (Organisation of the Petroleum Exporting Countries) meeting to help shore up crude oil prices, reported Lenta.ru, a Moscow-based online newspaper, citing the Bloomberg financial data and media company.

To note, Brent crude has slid below $45 a barrel for the first time since March 2009.