TEHERAN: Iran’s proposed increase in oil production would enter the market gradually after sanctions end and won’t pressure prices, the Iranian Oil Ministry’s Shana news agency said.
Iran has the potential to boost its oil production by 500,000 barrels a day within a week of sanctions being lifted, and by 1 million barrels shortly after, Shana said, citing Seyyid Mohsen Ghamsari, the head of international affairs at National Iranian Oil Co. How much of it enters the market would depend on market conditions, Ghamsari said.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
