Daily Management Review

Iran is getting ready for lifting US sanctions


Iran is preparing for the possible lifting of US sanctions and a return to the nuclear deal: the country is looking to boost oil exports on that backdrop, Bloomberg says.

The state-owned National Iranian Oil Co. is now preparing oil fields for the Islamic Republic to return to the market and boost crude sales. Negotiations are under way with possible customers. According to optimistic forecasts, Tehran could return to pre-sanctions production levels of 4 million barrels of oil per day in about three months after the lifting of sanctions.

In early May, it was reported that the US might agree to return to a deal with Iran as early as the next meeting in Vienna.

It had previously been reported that Washington was ready to lift some sanctions against Tehran to force Iran to return to compliance with the Joint Comprehensive Plan of Action (JCPOA) on its nuclear programme. White House press secretary Jen Psaki called the discussion on the fate of the Iran nuclear deal "encouraging".

The JCPOA deal on Iran was concluded in the summer of 2015 between Tehran and six intermediary countries. Iran was later rebuked for gross violations of the deal. In early May 2018, the US announced its unilateral withdrawal from the deal and the renewal of anti-Iranian sanctions. Iran announced its withdrawal from the JCPOA in January 2020.

source: bloomberg.com