BAKU, Azerbaijan, Jan. 5
By Elnur Baghishov – Trend:
Iran's daily crude oil extraction will increase to the level of the period before the US sanctions against Iran, by the 12th month of the current Iranian year (February 20, 2022), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr told Young Journalists Club (YJC), Trend reports.
The deputy minister said that at present, the country's crude oil extraction is in line with local needs and export markets.
Khojasteh Mehr added that based on this, there are no restrictions on oil production, and a number of plans are being implemented to increase crude oil production.
“The National Iranian Oil Company (NIOC) is focusing on increasing the extraction from low-production wells in order to reduce the cost of crude oil extraction,” he noted.
In May 2018, the US announced its withdrawal from the nuclear deal and imposed sanctions on Iran in November of the same year. The sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
Prior to US sanctions against Iran, the country’s crude oil extraction was around 4 million barrels daily.
According to report of OPEC for November 2021, Iran's daily crude oil extraction amounted to 2.47 million barrels.
---
Follow the author on Twitter:@BaghishovElnur