A top official said that Iran has the capacity to double oil exports if there is enough demand, even as a deal on the country's nuclear program that could pave the way for the lifting of sanctions remains elusive. None India Bans Wheat Exports As Food Security Comes under Threat Food Security Comes Under Threat
Mohsen Khojastehmehr, managing director of the National Iranian Oil Co., told reporters Saturday that Iran will exert maximum efforts to regain its crude oil market share and revive its customers.
Analysts estimate that Iran sells as much as 1 million barrels per day, despite the fact that Iran doesn't publish figures for oil production or exports. The budget plan for the year forecasts daily sales of 1.4 million barrels for the year through March 2023.
Iranian crude exports were dealt a blow after former US President Donald Trump abandoned the Iran nuclear deal in 2018 that curbed the country's atomic activities in exchange for economic relief, including critical oil sales. The talks between the European Union and Iran this week on trying to revive the deal went better than expected, according to the bloc's foreign policy chief.
Separately, Khojastehmehr said NIOC will sign an agreement with banks and local production companies in the next few months to develop the second phase of the Azadegan oil field's northern and southern sections to boost output in a $7.5 billion project. Azadegan is the largest field that Iran shares with Iraq, holding an estimated 32 billion barrels of oil.
None of Starbucks Baristas Are Unionist, and Even Howard Schultz Can't Make Them Stop?
What Happened to the Wall Street Investment Giant Moved to Nashville?