Iran could boost crude production by as much as 6.5 million barrels per day (bpd) when U.S. sanctions on the oil industry were lifted, Iranian Oil Minister Bijan Zanganeh said on Monday.
Iran currently produces about 2.5 million barrels of oil per day. and most recently produced nearly 6 million barrels per day in the early 1970s.
When the boycott was lifted The Islamic Republic could increase production to more than 6 million barrels per day. According to the oil ministry website cited by Reuters.
“The next Iranian government should make it a top priority to increase oil production to 6.5 million barrels per day,” Zanganeh said in Tehran on Monday. Bloomberg Report Higher oil production would give Iran more political influence.
Iran currently exports some of its oil. which mostly goes to China to oppose US sanctions But it is preparing to increase those exports to 2.5 million bpd once the sanctions are lifted.
Negotiations in Vienna on Iran and US Returns The so-called Iran nuclear deal continues. Analysts said both sides were happy to see the outcome of talks ahead of the June 18 presidential election in the Islamic Republic.
If ongoing negotiations result in an agreement It would be in August as early as possible for the Iranian tank to enter the market without American sanctions, Amrita Sen, head of research at Energy Aspects, told Bloomberg Television in an interview last week.
Although the deal was announced as early as this week. But it will take at least another two months for Iranian oil to begin flowing into markets with the blessing of the United States, she said, as the Biden administration is likely to send any deal to Congress, which has time. 60 days of review. In theory, the administration could bypass a parliamentary review. But energy analysts don’t think so. Zen added.
By Charles Kennedy for Oilprice.com
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