Iran set to increase oil production and exports

Iranian President Hassan Rouhani has said that Tehran is ready to rapidly increase oil production and exports.

Iran’s operational capacity as well as its experience makes it possible for an immediate increase in production and sales, Rouhani was quoted as saying on Sunday by the Xinhua news agency.

The 2015 Iranian nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), enabled Iran to export more than 2 million barrels of oil before the US unilateral sanctions against Tehran in 2018, the President said

“The Iranian Ministry of Petroleum is tasked to take all necessary measures to prepare oil industry’s facilities for the production and sales levels, proportionate to the available capacity, within the next three months,” he added.

Iran has reduced its commitments under the JCPOA agreement in response to the US’ withdrawal from the deal in 2018.

In reaction to the US’ withdrawal and in response to Europe’s sluggishness in facilitating Iran’s banking transactions and oil exports, Tehran has been gradually moving away from its nuclear commitments since May 2019.