Iran Prepares to Boost Oil Exports If US Sanctions Are Lifted

The Iranian Ministry of Oil has been instructed to prepare for the full-scale organization of oil production and exports over the next three months, should there be a relaxation of US sanctions. This was reported by Interfax, citing Iranian President Hassan Rouhani.

“The Ministry of Oil will take all necessary steps to prepare oil industry facilities in accordance with existing production and sales capacities over the next three months,” Rouhani said.

Iran was exporting more than 2 million barrels of oil per day before the US withdrew from the Iranian nuclear deal and imposed sanctions against the country. Experts believe that Iran is currently exporting over 300,000 barrels of oil daily, compared to a peak of 2.8 million barrels per day in 2018.