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September 24, 2017

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Iran declares oil output of four million barrels daily possible if sanctions lifted

VIENNA--Iran's oil output could reach 4.0 million barrels per day in "less than three months" if Western sanctions are lifted over its nuclear energy program, Oil Minister Bijan Zanganeh said Tuesday.

"After lifting the sanctions, (in) less than three months we can produce four" million barrels of oil per day, Zanganeh told reporters upon his arrival in Vienna on the eve of an Organization of Petroleum Exporting Countries (OPEC) output meeting.

That compares with Iran's current production of approximately 2.7 million bpd, according to OPEC data which cites secondary sources.

Zanganeh added Tuesday that the nation's oil exports currently stand at 1.5 million bpd.

His comments came after Iranian President Hassan Rouhani said earlier Tuesday that his nation would "do its best" to secure a nuclear deal in crunch talks between Tehran and Washington on the long-running nuclear row.

Zanganeh cautioned on Tuesday that it was not possible to state when the negotiations would conclude.

"This is a political discussion. No one cannot say when, this day or tomorrow, it will be finalized," he told reporters in Vienna.

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