Iran’s oil output, exports won’t rise until sanctions removed: officials

August 13, 2015 - 0:0

TEHRAN - Iran’s crude oil production and exports will not rise until international sanctions against the country have been lifted, two senior Iranian oil officials stated.

Rokneddin Javadi, the managing director of National Iranian Oil Company (NIOC) said any increase in the country’s oil output will be dependent on removal of the sanctions, the Shana News Agency reported on Wednesday.

Also, Seyed Mohsen Qamsari, the director for international affairs at the NIOC, said Iran’s oil exports will not increase before lifting of the sanctions.

On August 11, the Mehr News Agency reported that Iranian Oil Minister Bijan Namdar Zanganeh has ordered oil production companies, the international affairs department of the Oil Ministry, and Iranian Oil Terminals Company to take steps for 500,000 barrels per day (bpd) of increase in the country’s oil production and exports. 

Zanganeh has recently said that Iran will regain its share of oil market when sanctions are removed against the country.

The minister said Iran produced 3.9 million bpd of oil before the sanctions, while the figure dropped to 2.7 million bpd, of which one million bpd is exported.

With holding 157.5 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.