Iran is planning a rapid increase in oil production, according to a senior Oil Ministry official, as discussions continue between Tehran and six major nations to remove US sanctions that have kept the country producing significantly below its capacity since 2018. In discussions since April to revive a 2015 nuclear deal that was terminated three years ago by former US President Donald Trump, reimposing sanctions.
Most of the country’s crude output would be restored within a month if sanctions are eased, according to Farokh Alikhani, production manager at the National Iranian Oil Company (NIOC), who spoke to the ministry’s SHANA website. of oil.
Oil production has been restored to pre-sanctions levels at intervals of one week, one month and three months, according to meticulous planning.”
Washington, for its part, said Tuesday that even if the nuclear deal
However, Washington declared on Tuesday that even if the nuclear deal is revived, hundreds of US sanctions against Iran will remain. This could imply that fresh supplies of Iranian oil will not be reintroduced to the crude market very soon.
In 2016, Iran emerged from years of economic isolation after world powers lifted punitive international sanctions against the Islamic Republic in exchange for Tehran’s compliance with the 2015 nuclear deal.
Tehran’s oil exports rose to 2 million barrels per day (BPD) in 2016 and peaked at 2.8 million BPD until Trump reimposed sanctions in 2018.
Iran does not publish current export data, although some energy watchdogs estimate it to be around 700,000 BPD in April and 600,000 in May.
Alikhani stated that Iran intended to increase production “to more than 4 million BPD in the near future.Iran’s average daily oil production after the 2015 deal was 3.38 million bpd, and we want to get back to that level if the sanctions are lifted,” Alikhani added.