Iran projects oil output to hit presanctions level within a year

Special to WorldTribune.com

Radio Free Europe / Radio Liberty

Iranian Oil Minister Bijan Namdar Zanganeh said on state television on April 6 that the country’s crude output within a year will reach the presanctions peak of 4 million barrels a day.

Iran’s oil exports by March 2017 will reach 2.25 million barrels a day, thanks to the lifting of economic sanctions in January under Tehran’s nuclear deal with world powers, he said.

Iran's Oil Minister Bijan Zanganeh.
Iran’s Oil Minister Bijan Zanganeh.

Exports already surpassed 2 million barrels this month, he said.

Sanctions imposed on Iran in early 2012 by the United States and European Union over its nuclear program had cut crude exports from a peak of 2.5 million barrels before 2011 to just over 1 million barrels.

Zanganeh comments come as Russia and the OPEC oil cartel have been pushing for an across-the-board output freeze by major world oil producers to try to stabilize collapsing oil prices. Iran has refused the join that freeze.

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