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Iran to increase oil output by 1m barrels daily
(MENAFN) Iran is anything but hesitant to accelerate its oil production, following the relief of international sanctions, as stressed by its Oil minister.
The minister assured that the country's oil output can grow by 500,000 barrels a day within a week after sanctions end and by 1 million within a month.
Before US-led sanctions, Iran was OPEC's second-biggest producer, so it's obvious that the presented restrictions put a lot of pressure on the nation's industry.
In more detail, what sanctions did is ban Iran's customers from purchasing, transporting, financing and insuring of its crude in mid-2012.
The minister assured that the country's oil output can grow by 500,000 barrels a day within a week after sanctions end and by 1 million within a month.
Before US-led sanctions, Iran was OPEC's second-biggest producer, so it's obvious that the presented restrictions put a lot of pressure on the nation's industry.
In more detail, what sanctions did is ban Iran's customers from purchasing, transporting, financing and insuring of its crude in mid-2012.
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