No plans for Iran over new oil output rise
Iran on Friday indicated that it has no immediate plans to launch a fresh rise in its oil exports from the current level of around 2.2 million barrels per day.
Mohsen Qamsari, the director for international affairs of the National Iranian Oil Company (NIOC), told reporters that any new increase in Iran’s oil exports will depend on market conditions and its domestic capabilities.
Qamsari made the remark in response to a question on whether Iran is already planning to up its oil exports to as high as 2.5 million bpd.
Iran’s First Vice President Es'haq Jahangiri said in late March that the country’s oil exports had reached around 2.2 million bpd within two months after the removal of the sanctions on Iran.
Jahangiri said the figure marked a rise of at least 900,000 bpd in Iran’s oil production capacity.
In mid-January, a series of economic sanctions that had been imposed on Iran for multiple years were removed after a deal between the country and the P5+1 – the five permanent members of the Security Council plus Germany – was implemented.
The sanctions barred foreign investments in the Iranian oil industry and also limited a low ceiling of 1 million bpd on the country’s oil exports.
Immediately after the removal of the sanctions, Iran both increased its oil output to as high as 1.4 million bpd and subsequently its exports.
On Wednesday, NIOC Managing Director Rokneddin Javadi told reporters that Iran’s oil output now stands at 3.7 million bpd, stressing that the country has already been able to return its oil production to pre-sanctions levels.
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