News ID: 313762
Published: 0314 GMT June 09, 2021

Iran prepared to ramp up oil output quickly: NIOC

Iran prepared to ramp up oil output quickly: NIOC

Iran is planning a speedy increase in its oil output, a senior Oil Ministry official said on Wednesday, as talks continue between Tehran and P4+1 – the remaining signatories to the Iran nuclear deal – to lift US sanctions that have seen it pumping far below capacity since 2018.

Iran and the five powers have been in talks since April to revive a 2015 nuclear deal that former US president Donald Trump exited three years ago, reimposing sanctions that have hit Iran’s oil exports.

"If sanctions are lifted, most of the country's crude production will be restored within a month," Farokh Alikhani, the production manager of the National Iranian Oil Company (NIOC), told Shana.

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

Tehran's oil exports increased to two million barrels per day (mbd) in 2016 and reached a peak of 2.8 mbd before sanctions were reimposed in 2018 by Trump.

Iran does not release figures for current exports, but some energy monitoring firms estimated them at around 700,000 bpd in April and 600,000 in May.

Alikhani said Iran hoped to further raise its output "to more than four million barrels per day in the next step".

"The average daily oil production of Iran after the implementation of the 2015 deal was 3.38 mbd and we plan to return to that level if the sanctions are lifted," said Alikhani.

   
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