Iran Doubles Oil Output Capacity with JCPOA: Minister

TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh said the country’s capacity to produce and export crude and oil products has doubled in comparison with the pre-sanctions era, thanks to the implementation of a lasting nuclear deal with world powers.

Iran Doubles Oil Output Capacity with JCPOA: Minister

Speaking in an economic meeting in Tehran on Saturday, Zanganeh hailed the achievements in the country’s oil industry brought by the Joint Comprehensive Plan of Action (JCPOA), the nuclear accord between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that came into force in January.

According to the minister, Iran has increased its capacity to produce and export oil to twice as much as the ceiling before the country was hit by Western sanctions.

He also noted that the international market has now recognized that it is Iran’s right to regain its lost oil market share.

Zanganeh further noted that the JCPOA has helped the country reduce the cost of equipment used in the giant South Pars gas field by purchasing the gear at real prices.

A recent report by the International Energy Agency has shown that Iran’s oil production has returned to the level of pre-sanctions era, reaching 3.56 million barrels a day in April, the highest since November 2011.

Data also shows that Iran’s crude exports have increased to 2 million barrels a day, close to the level before a host of Western sanctions caused Iran’s crude production to drop dramatically.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels.

Related news
Most Visited in Economy
Top Economy stories
Top Stories