(MENAFN) Iran is trying to recover its lost share of global crude sales and it has made it very clear that it has no intention of harming the oil market with its planned increase in production once sanctions removal is fully functional.
Basically, there will be 2 phases, in the 1st Iran will raise exports by 500,000 barrels a day within a week after entering next month, and in the 2nd it'll add another 500,000 bd within six months after the curbs end.
Additionally, the United Nations nuclear monitors in last December ended their 12-year probe of Iran's research into nuclear technologies, stirring the nation a major step closer to relief from sanctions.
Furthermore, the Iranian Oil Ministry stated that the amount of additional Iranian crude hitting foreign buyers will rely on conditions in an oil market oversupplied by 2.5 million to 3 million barrels a day.
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