Iran gears up for return to oil market as US talks advance

WASHINGTON: Iran is preparing to ramp up global oil sales as talks to lift sanctions show signs of progress. But even if a deal is struck, the flow of additional crude into the market may be gradual.

State-controlled National Iranian Oil Co (NIOC) has been priming oil fields – and customer relationships – so it can increase exports if an accord is clinched, officials said. In the most optimistic estimates, the country could return to pre-sanctions production levels of almost four million barrels a day in as little as three months. It could also tap a flotilla’s worth of oil that’s hoarded away in storage.