Portuguese / Spanish / English

Iran: Oil production back to pre-sanction levels 

The Iranian-flagged oil tanker Fortune is docked at the El Palito refinery after its arrival to Puerto Cabello in the northern state of Carabobo, Venezuela, on May 25, 2020. - The first of five Iranian tankers carrying much-needed gasoline and oil derivatives docked in Venezuela on Monday, Caracas announced amid concern in Washington over the burgeoning relationship between countries it sees as international pariahs. (Photo by - / AFP) (Photo by -/AFP via Getty Images)
The Iranian-flagged oil tanker Fortune is docked at the El Palito refinery after its arrival to Puerto Cabello in the northern state of Carabobo, Venezuela, on May 25, 2020 [-/AFP via Getty Images]

Oil production in Iran has risen to what it was before sanctions were imposed by the US in 2018 after former President Donald Trump withdrew from the nuclear agreement.

The Iranian Ministry of Oil announced in a statement on Friday: "One of the promises of the Oil Ministry in the government of (Iranian) President Ebrahim Raisi has been fulfilled by returning Iran's oil production to the level before the unilateral US sanctions were imposed."

The statement added: "The oil production capacity before the sanctions reached more than 3.8 million barrels per day," however, it did not issue a number for the current production volume.

The Iranian Ministry of Oil considered this an important event, noting: "In addition to meeting the needs of local refineries, it could open Iran's hand to increase oil exports and restore its share in the global oil market."

According to the Iranian ministry's report, Iran's oil production capacity was about 3.838 million barrels per day before the US sanctions were imposed, which declined in previous years due to a lack of planning and low investment.

Saudi Arabia: Iran's supply of arms to Yemen's Houthis threatens global oil supplies

Raisi's government says that there is an increase in oil exports abroad, but it refuses to disclose the volume of exports and the mechanisms it uses to circumvent US sanctions.

Since April of last year, Iran has been engaged in talks with international powers to reach an understanding to revive the 2015 nuclear agreement, under which sanctions would be lifted in return for its commitment to the terms of the agreement regarding nuclear activities.

US President Joe Biden's administration is participating in negotiations with Iran indirectly, sponsored by the European Union (EU).

Negotiations were suspended on 11 March due to unresolved differences, while Tehran says that reaching an agreement is close and requires a political decision from Washington.

Categories
Asia & AmericasIranMiddle EastNewsUS
Show Comments
Writing Palestine - Celebrating the tenth year of the Palestine Book Awards - Buy your copy of the book now
Show Comments