oil output

Iran prepared to ramp up oil output quickly if U.S. sanctions eased

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Islam News – Iran is planning a speedy increase in its oil output, a senior oil ministry official said on Wednesday, as talks continue between Tehran and six major powers to lift U.S. sanctions that have seen it pumping far below capacity since 2018. Iran and the six powers have been in talks since April to revive a 2015 nuclear deal that former U.S. President Donald Trump exited three years ago, reimposing sanctions that have hit Iran’s economy hard by sharply cutting its vital oil exports.

“If sanctions are lifted, most of the country’s crude production will be restored within a month,” Farokh Alikhani, production manager of the National Iranian Oil Company (NIOC), told the oil ministry’s SHANA website.

“Careful planning has been done to restore oil output to pre-sanctions levels in intervals of one week, one month and three months.”

However, Washington said on Tuesday that even if the nuclear accord were revived, hundreds of U.S. sanctions on Tehran would remain in place. That could mean additional Iranian oil supply would not be re-introduced into the crude market soon.

Source: Indiatimes