Baku, Azerbaijan, Aug. 15
By Fatih Karimov - Trend:
Iran will add 500,000 barrels per day to its crude oil export in late October or November, a week after sanctions on Iran are eliminated.
"Iran will face restrictions to increase the oil export more than the current 1 million barrels per day (mb/p) to 1.1 mb/d until the sanctions are lifted, the production level would stand at the current level until then," IRNA reported August 12.
Iran's Mehr News Agency reported Aug.11 that Oil Minister ordered to increase the oil export by 0.5 mb/d next week.
The Islamic Republic and the group 5+1 (the US, UK, France, Russia, China, and Germany) reached a long-awaited comprehensive deal called the Joint Comprehensive Plan of Action (JCPOA) on July 14.
While ignoring the objections of both Iran and U.S. lawmakers, the implementation of nuclear agreement depends on verification of Iran's nuclear program by the IAEA.
The Managing director of National Iranian Oil Company Roknoddin Javadi told Shana Aug.12 that Iran's oil production wouldn't increase until the start date of lifting sanctions on Iran.
Sanctions on Iran are expected to be eliminated by the end of current fiscal year.
IRNA quoted Zanganeh as saying that it's expected that the sanctions, including those imposed on oil export, limit of oil purchase from Iran, shipping, insurance and money transfers, would be lifted by early December.
According to Reuters' survey, Iran's crude oil export during the first half of 2015 was 1.098 mb/d.
OPEC's monthly report, released Aug.11 indicates that Iran increased crude oil production by 32,200 barrels per day in July, compared with the previous month. The country's oil output reached 2.861 million barrels per day.
Zangaheh said last month that Iran would increase the production level to 3.8 mb/d to 3.9 mb/d during a 6-month period after lifting sanctions.
Edited by CN