Iran Says It Could Double Its Oil Exports If Market Needs More Barrels

(Bloomberg) – Iran has the capacity to double its oil exports if demand is sufficient, a top official said, even as a deal on the country’s nuclear program that could pave the way for the lifting of sanctions remains elusive .

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Iran will “make maximum effort to regain its crude oil market share and revitalize its customers,” Mohsen Khojastehmehr, director of the National Iranian Oil Co., told reporters in Tehran on Saturday.

Although Iran does not release figures on oil production or exports, analysts estimate it sells as much as 1 million barrels a day. The government’s budget plan forecasts daily sales of 1.4 million barrels for the year through March 2023.

Iran’s crude oil exports took a hit after former US President Donald Trump canceled the 2018 nuclear deal with Iran, which curtailed the country’s nuclear activities in return for economic relief, including crucial oil sales. Talks this week between the European Union and Iran over attempts to revive the deal went better than expected, according to the bloc’s head of foreign policy.

Separately, Khojastehmehr said the NIOC will sign an agreement “in the coming months” with banks and local manufacturing companies to develop the second phase of the northern and southern sections of the Azadegan oil field to increase production in a $7 project. .5 billion. Azadegan is the largest field Iran shares with neighboring Iraq, containing an estimated 32 billion barrels of oil.

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