Iran's oil production to be unchanged until sanctions’ lifting
By Sara Rajabova
Iran has no plans to increase crude oil production until sanctions imposed against its energy sector are removed.
Roknoddin Javadi, the managing director of the National Iranian Oil Company made the remarks in reaction to recent reports that the country aims to boost its crude output by 500,000 barrels per day (bpd) within the coming week, SHANA news agency reported.
He noted that any increase in Iran's oil production depends on the removal of sanctions and the country’s oil output will not undergo any change as long as sanctions are in place.
Earlier, Iran's Oil Minister Bijan Zanganeh said Iran can increase its oil production by 500,000 bpd within a week “immediately after the removal” of sanctions against the country.”
Zanganeh said he had told the Organization of the Petroleum Exporting Countries to make room for the extra Iranian oil supplies.
He went on to say that Tehran has informed OPEC of its determination to regain its lost market share, stressing that the country will require “nobody’s authorization to reclaim its rights.”
Iran’s media are reported that the U.S. administration has given an authorization to the country’s oil clients to continue purchasing crude oil from it until sanctions are lifted.
Mehr News Agency reported that the U.S. Treasury and State departments in a recently published have ensured that Tehran's oil customers can continue to purchase Iranian crude during an interim period before the terms of what Iran and P5+1 agreed on in Vienna last month can be fully implemented and sanctions lifted.
Both departments in the guidance that was originally brought to the spotlight by Argus Media publication have emphasized that Washington will not impose sanctions on financial institutions in those countries. And the U.S. will not target non-U.S. companies that help facilitate those purchases, it was further reported.
Iran’s oil production fell to one million barrels a day after the imposition of sanctions, from up to 3.9 million bpd of oil before the sanctions, according to officials.
Zanganeh said at present, Iran's oil production stands at over 2.7 million bpd, one million barrels of which are exported.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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