Iran: Oil production back to pre-sanction levels 

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.

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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.