6/9/2021 8:55:27 AM GMT | By Dhwani Mehta
“Most oil output can be restored in one month of sanctions ease,” the National Iranian Oil Company’s (NIOC) Deputy Director of Production Affair Farokh Alikhani said on Wednesday.
“Shana to fully restore oil output 3 months after sanctions removal,” Alikhani added.
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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 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.
June 9, 2021
Iran will quickly scale up its crude oil output if US sanctions are lifted as part of a revived nuclear agreement between Tehran and world powers, a senior official at the National Iranian Oil Company (NIOC) told state media outlets.
“If sanctions are lifted, the bulk of Iran’s output will be restored within one month, with full output restoration happening within three months,” Farokh Alikhani, NIOC’s production manager, told Shana news agency. Careful planning has been done to restore oil output to pre-sanctions levels in intervals of one week, one month and three months, Alikhani said, adding that Iran planned to increase output to 3.3 million barrels a day within a month of the lifting of sanctions.