NIOC: Oil output not to change until sanctions removed

NIOC: Oil output not to change until sanctions removed
Managing director of the National Iranian Oil Company said the Islamic Republic will not raise crude oil production until sanctions imposed against its energy sector are removed.

Roknoddin Javadi was reacting to recent reports that Iran aims to boost crude output by 500,000 barrels per day (bpd) within the coming week, Shana reported.

"Any increase in Iran's oil production depends on the removal of sanctions and [the country's] oil output will not undergo any change as long as sanctions are in place," he added.

In an interview broadcast live on Iranian state TV on August 1, Oil Minister Bijan Namdar Zanganeh said Iran can increase oil production by 500,000 bpd within a week 'immediately after the removal' of sanctions against the country.

The Iranian minister added that Tehran has informed the Organization of the Petroleum Exporting Countries of its determination to regain its lost market share, stressing that the country will require "authorization from nobody to reclaim its rights".

Zanganeh stated that prior to the sanctions, Iran produced up to 3.9 million bpd of oil, but the figure fell to one million barrels a day after the imposition of sanctions.

"At present, Iran's oil production stands at over 2.7 million bpd, one million barrels of which are exported," he added.

On July 14, Iran and the P5+1 — the United States, Britain, France, China and Russia plus Germany — finalized the text of an agreement, dubbed the Joint Comprehensive Plan of Action (JCPOA), in the Austrian capital of Vienna.

Under the JCPOA, Iran has accepted limitations to its nuclear activities in exchange for the removal of all economic and financial sanctions against the Islamic Republic.

The sanctions were imposed on Tehran by the European Union and the United States at the beginning of 2012 on the pretext of diversion in Iran's civilian nuclear program toward military purposes. Iran firmly rejected the allegation, noting that its civilian nuclear program only pursued peaceful goals.


Aug 12, 2015 10:21
Iran Daily |

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The section of oil, gas and petro-chemistry is the up-most and first industrial vantage of the country and the pivot of the Economy of Iran. Regarding the importance of this section and the need for coordinating and organizing the most active people in the field of production and exporting oil ,gas, and petrochemical products ,some forethoughtful and job- makers in the private section of the country decided to come together to fight against the threats by using the opportunity of mass intelligence and potentials.