Baku, Azerbaijan, May 31
By Fatih Karimov - Trend: Iran plans to export 400,000 barrels of oil per day to Europe if sanctions against the country are lifted, said Director of the International Affairs Department at National Iranian Oil Company Mohsen Qamsari.
Referring to the country's new program for increasing crude oil exports, he said: "Once the sanctions are lifted, we expect that at least 50 percent of the volume of oil exports to the European market before the imposition of the sanctions would be restored," Iran's Mehr news agency reported on May 31.
"In other words, at least 400,000 barrels of oil will be exported to Europe if the sanctions are lifted."
Securing the supply of Iranian crude oil to the global markets will be possible through securing foreign investment, he added.
"We have not discontinued talks with our customers, and we are ready to resume cooperation once the sanctions are lifted."
The prospects for the removal of sanctions in light of an emerging final agreement between Iran and P5+1 over the country's nuclear program have already made Iran prepare for a post-sanctions era. To the same effect, it is modifying its oil contracts to make them more attractive to investors.
The country's current oil production is estimated to be around 2.7 million barrels per day of which about 1 million barrels are exported - as required by the current regime of US-engineered sanctions.