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Iran’s oil payments transferred in 90 days

Oil&Gas Materials 18 August 2015 15:27 (UTC +04:00)

Baku, Azerbaijan, Aug. 18

By Fatih Karimov - Trend:

Iran's Oil Minister Bijan Namdar Zanganeh says clients will pay off Iranian oil debts in at least 90 days.

"Before sanctions were imposed, Iran was gathering exported crude oil money within 30 days, however after the sanction, the payments will happen in 90 days," Iran's IRNA News Agency quoted the minister as saying August 18.

While answering questions in the Iranian parliament, regarding delays in the payments for crude oil, Zanganeh added that following the lifting of sanctions, Tehran will receive oil payments in a period of 90 to 180 days.

According to Reuters' survey of OPEC production, Iran produced 2.85 million bpd in July. Iran could increase oil production up to 1 million bpd within 12 months of sanctions being lifted.

International sanctions imposed against Tehran have halved its oil exports over 1 million bpd since 2012.

Edited by CN

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