A senior official in the National Iranian Oil Company (NIOC) said Iran will be able to immediately restore its crude oil production to levels seen before US sanctions hit the country in 2018.
According to Press TV, NIOC’s deputy for production said on Wednesday that the company will be able to restore a bulk of output lost due to US sanctions in less than a month.
“Based on plans and preparations that have been carried out, we expect to revive a bulk of the targeted capacity within one month,” Farrokh Alikhani said.
The official noted that the NIOC has plans for restoration of lost output in intervals of one week, one month and three months.
He said that the three-month target would mean a full restoration of output to an average of 3.38 million barrels per day (bpd) that had been reported in 2015 after Iran and world powers signed an international agreement on Tehran’s nuclear program, known as the Joint Comprehensive Plan of ction (JCPOA).
Diplomats from Iran and six other countries have been engaged in talks in the Austrian capital since April to revive the JCPOA and bring the US back to compliance more than three years after a former government in the US abandoned the deal and imposed sanctions on Tehran.
JCPOA’s revival would be critical to international oil markets as consumers expect the deal could lead to increased supplies from Iran and a decline in prices at a time of global recovery from the coronavirus and growing demand for crude.
Alikhani said that the company would seek to increase its output to above four million bpd, if US sanctions are lifted as a result of the JCPOA’s revival.