Iran is preparing to raise oil production and exportation if there is ease in U.S. sanction against them.
Iran has instructed her oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, ahead of a possible easing of U.S. sanctions after President-elect Joe Biden takes office on Jan. 20 2020.
The state media quoted President Hassan Rouhani as saying that Iran exported more than two million barrels a day before U.S. President Donald Trump re-imposed sanctions that have hit Iran’s economy hard by sharply cutting its vital oil exports after exiting the 2015 nuclear deal with six world powers in 2018.
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U.S. President-elect Joe Biden, who will take office on Jan. 20, has stated he would return to the pact and would lift sanctions if Tehran returned to ‘strict compliance with the nuclear deal’.
The official IRNA news agency reported that Rouhani said on Sunday that his country was preparing for a speedy increase of its oil production.
IRNA quoted the President as saying: ‘The Oil Ministry will take all the necessary steps to prepare the oil industry’s facilities to produce and sell – proportionate to the available capacity – within the next three months.’
It is estimated that Iran is currently exporting less than 300,000 barrels of oil per day (bpd) since U.S. President Donald Trump reimposed a more excruciating sanction against Iran in 2018, compared to a peak of 2.8 million bpd in 2018.
AFRICA TODAY NEWS, NEW YORK