Iran's Reshadat oil field

Report: Iran’s oil output at highest level in 3 years

TEHRAN (Tasnim) – Iran’s oil production has risen to its highest level since sanctions were imposed against the Islamic Republic in 2012, a report said.

According to a Bloomberg survey of oil companies on Monday, Iranian production climbed by 50,000 barrels a day to 2.9 million this month, the highest since July 2012, when more sanctions were imposed on the Islamic Republic over its nuclear energy program.

“Output by the Organization of Petroleum Exporting Countries (OPEC) rose 108,000 barrels to 32.316 million a day this month. Last month’s total was revised 101,000 barrels higher to 32.208 million a day,” the report said.

Back on August 25, Iranian Oil Minister Bijan Namdar Zanganeh said the country will do its utmost to regain the share of “one million barrels per day of oil exports” in the global market immediately after a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) terminates the sanctions.

In less than a month after lifting of the sanctions, Iran’s crude output will rise by 500,000 barrels per day, the minister said, adding that oil exports in less than seven months afterwards will hit 1 million bpd.

With the doubling of Iran’s oil exports, even a more slump in the oil prices will not harm Iran; instead, the countries that had grabbed Iran’s market shares will suffer losses, Zanganeh stated.

“It is our right to retake our share from the market,” he stressed, noting that Tehran has begun to hold talks with South Korea, Japan, India and some European companies to boost oil exports.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

By Tasnim News Agency