Baku, Azerbaijan, Oct. 5
By Aygun Badalova - Trend:
Iran's oil production will reach 3 million barrels per day in the first quarter of the next year, according to the forecasts of the US JP Morgan bank's analysts.
The country's oil production to be at the level of 3.2 million barrels per day in the next three quarter of 2016, according to the analysts' report obtained by Trend.
Analysts forecast Iranian oil production at 2.9 million barrels per day by the end of 2015.
Iran currently produces more than 2.8 million barrels per day of crude oil. Iran is to resume oil production to pre-sanctions level in mid-2016 at 3.8 million barrels per day.
Iran is planning to increase its oil export from one million barrels a day to 1.5 million in the course of seven days once the sanctions are lifted. After that, the country will increase its export to two million barrels per day during the course of a six-month program.
On July 14, the P5+1 (the five permanent members of the United Nations Security Council and Germany) and Iran announced an agreement that could result in relief from United States and European Union nuclear-related sanctions (which include some oil-related sanctions) by the end of current year.