Iran Reveals It Can Quickly Hike Oil Output If Sanctions Are Lifted

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Iran’s Oil Minister Bijan Namdar Zanganeh said his nation has taken “numerous actions” to guarantee it can bring unrefined creation up in “a brief time frame” if U.S. sanctions are lifted with a restored atomic arrangement, the state-run Shana news office detailed.

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Zanganeh, who leaves office in August after hardline president-elect Ebrahim Raisi assumes control over government, said he figures “nothing will occur” to oil markets if Iranian inventory returns after the expulsion of authorizations on his country’s energy area.

He added that while Iran’s economy faces “unprecedented difficulties,” it can “without much of a stretch” increment rough creation to 6 million barrels per day. Zanganeh said that OPEC and other non-OPEC oil makers were “insightful” and saw “great” the Islamic Republic’s re-visitation of business sectors.

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