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Iran Can Boost Oil Output to 6.5 mln bpd, Minister Says

May 31, 2021

An offshore oil production complex in Iran - Credit: NIOC
An offshore oil production complex in Iran - Credit: NIOC

Iran's oil output can easily reach 6.5 million barrels per day (bpd) when U.S. sanctions are lifted, Iranian Oil Minister Bijan Zanganeh said on Monday, according to the Ministry's SHANA website.

Zanganeh also said an increase in Iranian oil output would boost the country's political power, as Tehran and world powers pursue talks to lift the U.S. sanctions that have stopped it from pumping anywhere near capacity since 2018.

Former U.S. President Donald Trump ditched Iran's 2015 nuclear deal with six powers three years ago and reimposed sanctions that have crippled Iran's oil-reliant economy.

Iranian authorities say sanctions have only delayed the moment when it will produce the oil in its vast reserves, which the world will eventually need.

Any increase in Iranian supply would be on top of extra barrels already expected from the Organization of the Petroleum Exporting Countries and allies, or OPEC+, which plans to bring back about 2 million bpd of output through July.

(Writing by Parisa Hafezi Editing by David Goodman, Kirsten Donovan)



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