Daily Management Review

Iran gets ready to increase oil exports


Iran has instructed its Ministry of Oil to prepare the country's oil companies to operate at full capacity within three months, Reuters reported on Sunday, citing Iran's state-run media. The country is expecting a possible easing of US sanctions, which will follow the inauguration of US President-elect Joe Biden.

Mohammad Hassanzadeh
Mohammad Hassanzadeh
According to official media reports, Iran's President Hassan Rouhani said that Iran exported more than two million barrels of oil per day until 2018, when the US withdrew from the JCPOA (Joint Comprehensive Action Plan or "Nuclear Deal") and reintroduced sanctions that severely hit the Iranian economy and sharply reduced oil exports.

Joe Biden, who is due to take office on 20 January 2021, promised to return to the 2015 pact and lift the sanctions if Tehran adheres to the "strict nuclear deal". According to the official IRNA news agency, Hassan Rouhani said on Sunday that his country is preparing to rapidly increase oil production.

"The Ministry of Oil will take all necessary measures to prepare the oil industry facilities for production and sale - in proportion to available capacity - in the next three months," IRNA said with reference to Hassan Rouhani.

Iran is now estimated to export less than 300,000 barrels of oil per day, up from a peak of 2.8 million in 2018.

source: en.irna.ir