Iran prepares to increase oil production in case of the lifting of US sanctions

According to Bloomberg, the national Iranian oil company has already started preparations in the oil fields for a possible increase in exports.

Iran is preparing to increase quickly oil production in the event of an agreement on a nuclear deal and the lifting of US sanctions. Bloomberg reported this on Sunday.

According to him, the National Iranian Oil Company (NIOC) has already started preparations in the oil fields for a possible increase in exports. According to the most optimistic forecasts, Iran will be able to return to the production level of 4 million barrels per day within three months. At the same time, as the agency notes, there are several obstacles to such a development – even if the United States lifts all existing sanctions on the sale, delivery, and insurance of hydrocarbons, many buyers after a long break can still take a passive attitude to the appearance of Iranian oil on the market. “Our return [to the market] will be a gradual process rather than a quick and unexpected one – it can’t happen overnight,” Bloomberg quoted former NIOC spokesman Mohammad Ali Khatibi, who also noted that one of the negative factors may also be reduced demand for hydrocarbons during the pandemic.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
Steve Cowan

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