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Iran to Increase Oil Exports When Sanctions End Even if Prices Fall
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by News Editor
Iran said it will increase its oil exports after international sanctions end. Photo: Press TV.
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.
Read full story at Bloomberg.
