Iran Says It Can Quickly Hike Oil Output If Sanctions Are Lifted

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Iran’s Oil Minister Bijan Namdar Zanganeh said his country has taken “many measures” to ensure it can raise crude production in “a very short time” if U.S. sanctions are lifted with a revived nuclear deal, the state-run Shana news agency reported.

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Zanganeh, who leaves office in August after hardline president-elect Ebrahim Raisi takes over government, said he thinks “nothing will happen” to oil markets if Iranian supply returns after the removal of sanctions on his country’s energy sector.

He added that while Iran’s economy faces “extraordinary challenges,” it can “easily” increase crude production to 6 million barrels a day. Zanganeh said that OPEC and other non-OPEC oil producers were “wise” and understood “very well” the Islamic Republic’s return to markets.

– Bloomberg

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