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Bijan Namdar Zanganeh, Iran's Oil Minister

Iran Will Increase Oil Production by 500,000 Barrels a Day Post Sanctions

Iran will be able to increase its oil production by 500,000 barrels a day immediately after the lifting of the Western sanctions, the country’s Oil Minister Bijan said on Monday.

Zanganeh stated at the first international oil and gas conference in Tehran in July after reaching an agreement on its Nuclear Program, reports Financial Times. “Iran will increase exports from the first day after the agreement is implemented on the Nuclear Program and the sanctions are lifted,” Zanganeh said.

In Tehran, Roknoddin Javadi, managing director of Iran’s state National Iranian Oil Co., told reporters that the country may increase exports by 500,000 barrels a day within a week after the lifting of sanctions, and 1 million barrels a day – for six months, Bloomberg reported.

According to Zanganeh, Iran is able to increase production to levels seen before the introduction of sanctions for seven months. In September, Iran, according to Bloomberg estimates, was producing 2.8 million barrels a day. Prior to sanctions, production of oil was at 3.4 million barrels per day.

Iran will not wait for permission from the OPEC to increase production, said Zanganeh, as during the years of sanctions they have lost market shares and customers, who have gone to their competitors. It is our right, he said, adding that the traditional importers of Iranian oil are ready to resume work with him. “And we have no problem with customers, ” Zanganeh concluded.