Iran to raise oil output to pre-sanctions level “as soon as possible”

Tehran, Iran | Xinhua | Iran will increase its oil production to pre-sanctions level “as soon as possible,” the country’s Minister of Oil Bijan Zanganeh said Friday, official news agency IRNA reported.

“Whenever the sanctions are lifted, we will return to the market in the shortest possible time and take production at least to its pre-sanctions level,” Zanganeh told reporters after a video conference of the Organization of the Petroleum Exporting Countries and its partners, collectively known as OPEC+.

Iran’s determination will not be affected by “any decision” of the OPEC+ regarding production levels, the Iranian minister noted.

The OPEC+ meeting ended on Friday night without an agreement, and members will meet again on Monday over a gradual increase in oil production based on a previous agreement reached in 2020.

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XINHUA