Iran plans to reach the pre-sanctions level of oil production after 2-3 months. This was stated by the Minister of communications and co-chair of the intergovernmental Russian-Iranian Commission on trade-economic cooperation Mahmoud Vaezi, according to Reuters. According to him, the Islamic Republic now produces 80 percent of the specified indicator.
Before the entry into force of EU sanctions, introduced in early 2012, Iran produced a total of about four million barrels of oil per day. Of this amount, exports were off 2.2 million barrels.
In late may, The Financial Times wrote that Iran had reached a production level of 3.6 million barrels per day. The exports amounted to two million barrels. The growth was achieved mainly due to deliveries to India, which has doubled. By 2021, Iran is planning to beat my record of oil production and bring it to a level of six million barrels per day.
The Islamic Republic has sharply increased production in the first months of 2016, when the force for almost four years the oil embargo the EU and the USA was reversed. Iran aims to regain lost during this time, the markets in Europe and Asia.
June 21, Reuters reported that oil exports from Saudi Arabia in April fell to the lowest since October last year. The volume of oil production in the country remained at a record high.
June 2, representatives of States, members of OPEC, including Saudi Arabia, again failed to agree on limiting crude oil production. According to media reports, the decision on the freezing of fuel production was blocked by the representative of Iran.
