(MENAFN) Iran will increase oil production based on market needs following the termination of international sanctions anticipated later this month.
The nation is projected to add 500,000 b/d to oil exports after the sanctions are lifted, and it will continue to raise exports to 1 mbpd six months later.
Iran shipped 2.5 mbpd of oil before US sanctions on its energy sector cut sales by half in 2012, thus KSA, Russia and Iraq grew production to replace Iranian oil.
Iran has the 2nd largest proved gas reserves in the world after Russia, with 33.6 trillion cubic meters, and third largest natural gas production in the world.
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