Iran holds oil production boom snap drill

Business Materials 20 March 2015 13:26 (UTC +04:00)

Baku, Azerbaijan, Mar. 20
By Khalid Kazimov - Trend:

As Iranian diplomats are holding talks on the country's nuclear program to lift international sanctions on the economy, the Iranian Oil Ministry is holding a snap drill on increasing oil production.

The snap drill was announced after reports indicating the nuclear talks are going to yield the outcome desired by Tehran.

Oil Minister Bijan Zanganeh stated that in the few days to follow, the ministry will practice producing 3 million barrels of oil a day in the southern fields, Mehr news agency reported March 19.

In the meantime, Zanganeh said that in case sanctions are lifted, Iran will increase oil output by 1 million barrels for a short time.

Also, Iran National Tanker Company Managing Director Aliakbar Safaee said that different scenarios are prepared for case sanctions are removed.

He pointed out that the southern fields constitute 83 percent of the country's oil and 16 percent of its gas production.

Right now, Iran's oil production stands at around 1 million barrels a day. The oil is exported to Turkey, India, China, South Korea, and Japan.

Iran and the group 5+1 (the US, UK, France, Russia, China, and Germany) are holding talks on Iran's nuclear program.

The sides have agreed to come to a comprehensive deal by July 1.
Iran maintains that any deal would require the lifting on all sanctions on its economy.

Edited by CN