Rumors of Iranian Oil Return
Iran May Hit Peak Oil Production 2 Months After Nuclear Deal
Iran's oil production capacity may peak less than two months after reaching a nuclear deal, Oil Minister Javad Owji said on Thursday.
Iran has the world's fourth-largest oil reserves, but its crude oil production has declined since US sanctions were imposed on its economy in 2018, when then-US President Donald Trump withdrew from the 2015 nuclear deal.
"Once the nuclear negotiations in Vienna are completed, we can reach our maximum oil production capacity in less than a month or two," Owji was quoted as saying by the oil ministry's official news agency SHANA on Telegram. "However, we are in no way bound to wait for the nuclear talks."
Negotiations to revive the pact have been ongoing in Vienna for 10 months and diplomats are believed to be in the final stages of talks. read more
Iran produced an average of 2.4 million barrels per day in 2021 and plans to increase production to 3.8 million barrels per day when sanctions are lifted.