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Iran to increase daily oil production, sends oil to Europe

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Staff writer ▼ | February 22, 2016
Iran in the near future intends to increase its oil output by 700,000 barrels a day, the managing director of the National Iranian Oil Company said.
Rokneddin Javadi
Iran   The target of producing 4.7 million barrels of oil
"The Sixth Development Plan has set the target of producing 4.7 million barrels of oil a day," Rokneddin Javadi said, as quoted by the Shana news agency, indicating that a planned increase amounts to 700,000 barrels.

In August 2015, Tehran and six international mediators, including Russia, reached a historic deal with Iran, which was set to ensure the peaceful nature of its nuclear program in exchange for the termination of anti-Tehran sanctions, in particular in oil sector.

In mid-January, the sanctions were removed after the International Atomic Energy Agency verified Tehran’s compliance with the nuclear agreement. The move makes it possible for Iran to pursue the role of an active player on the global oil market.

Director General for Political and International Affairs at Foreign Ministry Hamid Baeidinejad said Iran sent its first cargo of oil – four million tons - to Europe since sanctions ended, signaling more supplies in the coming months.

According to FNA, Baeidinejad wrote on his Instagram page that the goal is to return the volume of oil exports to Europe to 1.5 million barrels a day.

“Iran is trying to rebuild its oil production after sanctions were lifted in January, with plans to boost output and exports to Europe by 1.5 million barrels a day this year,” he said.

Iran is sending three initial shipments to Europe carrying 4 million barrels of oil with 2 million barrels going to Total and the rest to companies from Spain and Russia.