Middle East News

Iran ready to ramp up oil output if US lifts sanctions, says official

Iran is ready to achieve a rapid increase in its oil production if the years-long US sanctions are lifted, a senior oil ministry official announced yesterday.

Iran is planning a speedy increase in its oil output, a senior oil ministry official said, as talks continue between Tehran and six major powers to lift US sanctions that have seen it pumping far below capacity since 2018.

“If sanctions are lifted, most of the country’s crude production will be restored within a month,” the Production Manager of the National Iranian Oil Company (NIOC), Farokh Alikhani, told the official Shana news site.

Iran and six world powers have been in talks since April to revive a 2015 nuclear deal that former American President Donald Trump abandoned three years ago, reimposing sanctions that have cut its vital oil exports.

Alikhani said that Iran’s average daily oil production after the implementation of the 2015 nuclear deal was “3.38 million barrels per day (bpd)”, adding that the government was planning to return output to normal “if the sanctions are lifted.”

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

The Iranian official said that his country was hoping to further raise its output “to more than 4 million bpd in the next step.”

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