Iran credits nuclear deal with the doubling of its oil export capacity

by WorldTribune Staff, June 7, 2016

Post-sanctions Iran has doubled its oil export capacity, the Islamic republic’s oil minister said.

Iran’s oil exports will climb to 2.2 million barrels per day by early August.
Iran said its oil exports will climb to 2.2 million barrels per day by early August.

Speaking at an economic meeting in Teheran on June 4, Iranian Oil Minister Bijan Namdar Zanganeh said the capacity to produce and export crude and oil products has doubled thanks to the implementation of the nuclear deal with world powers.

Zanganeh also noted that the “international market has now recognized that it is Iran’s right to regain its lost oil market share,” according to a report by state-supported Tasnim news agency.

The International Energy Agency reported that Iran’s oil production has returned to the level of the pre-sanctions era, reaching 3.56 million barrels a day in April, the highest since November 2011. Iran’s crude exports have increased to 2 million barrels per day, closing in on the pre-sanctions level.

Zanganeh added that sanctions relief following the nuclear deal has enabled Iran to reduce the cost of equipment used in the giant South Pars gas field by purchasing the gear at real prices.

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