Iran says ready to surge oil output by 1mbpd once sanctions lifted
Iran said on Saturday that it is ready to provide global markets with an extra one million barrels of its crude oil per day.
Iran’s Petroleum Minister Bijan Namdar Zangeneh said the increase will be materialized as soon as the sanctions against the country’s oil exports are lifted.
Zanganeh said the extra volume will be provided from the collective production capacity of fields that have been put offline, stressing that the Ministry of Petroleum is ready to do this “in a short matter of time”.
The current sanctions against Iran that have been engineered by the United States put a certain ceiling on the country’s oil exports. They also ban foreign investments that the country needs to pump oil out of the ground.
Iran has already acknowledged that the sanctions have undermined its oil production capacity and accordingly its oil exports that provide the lifeline of its economy. Nevertheless, analysts agree that the successful performance by Zangeneh – and President Hassan Rouhani on the whole – have helped Iran produce and sell enough oil to keep the economy floating.
Iran’s current oil production is estimated to be around 2.7 million barrels per day of which about 1 million barrels are exported – as required by the current regime of sanctions.
Tehran is currently negotiating with P5+1 group of countries over the removal of sanctions that have been imposed over disputes on the Iranian nuclear energy program. The sides have a deadline approaching within the next several months to reach a comprehensive deal that envisages the removal of sanctions. They are currently negotiating in Switzerland over a framework agreement for the final deal.
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