Iran to Increase Oil Exports When Sanctions End Even if Prices Fall
Iran will increase crude exports with the end of international sanctions even if oil prices decline, the country’s representative to OPEC said, adding supply after a surplus sent Brent falling almost 50 percent last year.
The Persian Gulf nation can double oil exports within six months of sanctions ending, Mehdi Asali said, according to state-run Islamic Republic News Agency. Under sanctions, Iran is allowed to export about 1 million barrels of oil a day. Iran produced 2.8 million barrels of oil a day in May, more than Venezuela and Nigeria, according to data compiled by Bloomberg.
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