“It is our estimate to increase the export output by 500,000 barrels per day within the shortest possible time after sanctions’ removal, and to further raise it for another 500,000 barrels within six months,” he added.
Iran was OPEC’s second-biggest producer before US-led sanctions banned its customers from purchasing, transporting, financing and insuring of its crude in mid 2012.
Petroleum Minister Bijan Zangeneh has said that Iran is ready to increase its oil production in one week after sanctions are lifted.
Iran’s output can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, the minister said in a televised interview.
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