Iran begins boosting oil output to reach pre-sanction level

January 24, 2021 - 15:36

TEHRAN – Iran’s Deputy Oil Minister Amir Hossein Zamaninia said on Friday the country has started boosting its oil production and will be able to reach pre-sanction levels within two months.

Iranian oil won’t create any surplus in the oil market and the market will be able to accommodate the country’s maximum oil output of around 3.9 million to four million barrels a day, Bloomberg quoted Zamaninia as saying on the sidelines of Iran Oil Show in Tehran.

As reported, Iran has currently curbed its oil production to less than half of its total capacity due to the problems that the country is facing for its oil exports since the re-imposition of the U.S. sanctions.

The U.S.’s newly elected President Joe Biden, however, is expected to seek revival of the nuclear deal reached with Iran in 2015; and officials in Tehran have expressed hope that he will ease restrictions on Iranian oil exports.

Zamaninia declined to specify the current level of Iran’s oil exports, but said the numbers were “much better than many assume”, the report said.

Iranian Oil Minister Bijan Namdar Zanganeh has also stated that Iranian oil exports have recently increased drastically.

Over the past few months, Iran has been announcing its readiness for increasing its oil production back to the pre-sanction levels.

Earlier this month, the managing director of National Iranian South Oil Company (NISOC) said Iran is ready to rapidly increase its output back to the pre-sanction levels.

“Iran is ready to halt the deliberate reduction in oil production and increase its output to 95 percent of the pre-sanction level in just one day,” Ahmad Mohammadi said.

EF/MA

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