Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Oct. 19.
Iran will raise production by 500,000 barrels per day in the first week after sanctions are lifted, Rokneddin Javadi, general manager of the National Iranian Oil Company, was quoted as saying by oil ministry news agency Shaha.
"A 500,000-barrel increase in Iran's oil production will take place in less than a week after the effective lifting of sanctions," Shana quoted Javadi as saying.
"Our customers for this increased production level will mostly be our traditional customers in Europe and Asia."
On Sunday, the United States approved conditional sanctions waivers for Iran, although it cautioned these would not take effect until Tehran had curbed its nuclear program as required under a nuclear deal reached in Vienna on July 14.
Iranian Oil Minister Bijan Zangeneh said on Oct. 19 that oil producers group OPEC is "rational" and would give room for Iran's gradual return to the market.
"The OPEC members welcome Iran's oil return to the market, so do the customers," the official news agency IRNA cited him as saying.
"We don't need permission from anyone to export our oil, and our production will enter the market," he said.
Zangeneh had said that the OPEC producer would raise its production by 500,000 bpd once sanctions were lifted and that a further 500,000 bpd would be added shortly thereafter.
Since the July nuclear deal, Iran has repeatedly announced plans to boost oil production and exports once sanctions are lifted to reclaim its position as the Organization of the Petroleum Exporting Countries' second-largest producer.
The sanctions have halved Iran's oil exports to around 1.1 million bpd from a pre-2012 level of 2.5 million bpd.
The loss of oil income has hampered investment in new development and Iran has struggled to pay for the equipment and services needed to maintain smooth production.
In November, Iran plans to announce a new form of oil contract which Javadi said will help Iran increase its crude oil production to 5 million bpd of crude oil and 1.4 billion cubic metres of natural gas.
Recommended Reading
E&P Highlights: Feb. 24, 2025
2025-02-24 - Here’s a roundup of the latest E&P headlines, from a sale of assets in the Gulf of Mexico to new production in the Bohai Sea.
Trump Says He Will Double Tariffs on Canadian Metals to 50%
2025-03-11 - President Trump said he would double his tariffs on Canadian steel and aluminum products in response to Ontario placing a 25% tariff on electricity supplied to the U.S.
Enchanted Rock’s Microgrids Pull Double Duty with Both Backup, Grid Support
2025-02-21 - Enchanted Rock’s natural gas-fired generators can start up with just a few seconds of notice to easily provide support for a stressed ERCOT grid.
E&P Highlights: April 7, 2025
2025-04-07 - Here’s a roundup of the latest E&P headlines, from BP’s startup of gas production in Trinidad and Tobago to a report on methane intensity in the Permian Basin.
US Drillers Cut Oil, Gas Rigs for First Time in Three Weeks
2025-03-28 - The oil and gas rig count fell by one to 592 in the week to March 28.