Iran Prepares to Increase Oil Exports in Case of Lifting of US Sanctions

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The Iranian Ministry of Oil has been instructed to be ready to bring oil production and export to full capacity within three months in case of easing American sanctions after Joe Biden came to power in Washington, who announced himself as President-elect of the United States, reported on Sunday Iranian media.

Iranian President Hassan Rouhani said on Sunday that his country is preparing for an early increase in oil production, the official IRNA news agency reported.

“The Ministry of Oil will take all necessary steps to prepare the oil industry facilities for production and sale – in proportion to the available capacity – within the next three months,” the agency quoted Rouhani as saying.

Iran exported more than 2 million barrels of oil a day before US President Donald Trump pulled out of an Iranian nuclear deal in 2018 and imposed sanctions against Iran, which hit the country’s economy, drastically cutting vital oil exports.

According to expert estimates, Iran currently exports less than 300,000 barrels of oil per day, up from a peak of 2.8 million barrels per day in 2018.

Biden, who is due to take office on January 20, 2021, said he would return to an agreement with Iran and lift sanctions if Tehran reverts to “strict compliance with the nuclear deal.”

Caspian Barrel