The National Iranian Oil Company states that Iran's crude oil production will return to pre-sanction levels by the end of June (in two months). According to the IRNA news agency, Roknoddin Javadi, the CEO of the company, said on Tuesday, April 20, that the production of the National Iranian South Oil Company is expected to reach 3 million barrels per day by the end of June, which will bring Iran's total oil production back to levels before the sanctions began. In the months prior to the imposition of sanctions, Iran's crude oil production was slightly below four million barrels per day, which, according to Mr. Javadi, had decreased to 2.85 million barrels per day during the sanctions. He added that currently, about three months after the lifting of oil sanctions, Iran's crude oil production has reached 3.5 million barrels. Following a severe and unprecedented drop in oil prices, oil producers (both OPEC and non-OPEC members) excluding Iran gathered in Doha on Sunday for a 'freeze oil' meeting, but this meeting ended without results. Iran has decided not to sign the oil freeze plan and will not halt or reduce its production, which is why it did not send a representative to this meeting. An informed source on Iran's oil policies told Reuters that Iran will begin efforts to control the oil market after reaching production levels equal to those before the sanctions. OPEC member countries are set to meet on June 2 in Vienna, Austria, to discuss oil production policy.
Iran's Oil Production to Reach Pre-Sanction Levels in 'Two Months'
Iran's oil production is projected to return to pre-sanction levels of nearly 4 million barrels per day by the end of June, as stated by the National Iranian Oil Company. This is significant as it indicates Iran's intent to regain its market share and influence in global oil markets following the lifting of sanctions.
👥 Key Players
📰 What Happened
Iran's oil production is expected to return to pre-sanction levels by the end of June, reaching nearly 4 million barrels per day. Iran has opted out of the recent 'freeze oil' meeting in Doha, indicating its intent to increase production.
- Iran's current oil production is 3.5 million barrels per day.
- Iran aims to reach pre-sanction production levels of nearly 4 million barrels per day by June.
💡 Why It Matters
📚 Background
Iran's oil sector was heavily impacted by international sanctions, which were lifted recently, allowing it to increase production.
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