Iran will begin ramping up its crude output within 10 days of sanctions being lifted, and hit its pre-sanctions output of 3.8mn b/d within six months, oil minister Bijan Zanganeh said this week, vowing once again to reclaim the market share Iran lost as a result of the sanctions.
Iran is potentially just weeks away from striking a final deal with the P5+1 group of world powers over its nuclear program, which should ultimately see the US and EU-led sanctions that resulted in the slashing of Iran’s crude production and exports to just 2.8mn b/d and 1.1-1.2mn b/d respectively, lifted soon after. (CONTINUED - 677 WORDS)
