Iran boosts oil production
Published : Sunday, 24 January, 2021 at 5:09 PM Count : 187
Iran has begun increasing its oil production and expects to reach pre-sanctions levels in one to two months, said Deputy Oil Minister Amir Hossein Zamaninia.
Speaking at an oil conference in Tehran on Friday, Zamaninia told reporters that the oil market would be able to consolidate Iran's maximum oil output at about 3.9 million to 4 million barrels a day. He declined to specify the current level of Iran's oil exports, but said the numbers were "much better than many expected".
Iran has been the target of tough US sanctions since then-President Donald Trump's administration unilaterally withdrew from an international agreement limiting the Middle East's nuclear activities. According to data compiled by Bloomberg, its crude production was below 2 million barrels per day for most of 2020.
President Joe Biden, who took office this week, is hoping to reinstate the deal, and Tehran officials hope he will ease sanctions on the sale of petroleum. For now, however, sanctions remain in place and any buyer of Iranian crude could face the same legal and financial penalties that have frustrated most potential customers over the past few years.