Iran wants to hike oil production next year

WION Web Team
Tehran, Iran Published: Dec 16, 2020, 12:28 PM(IST)

Iran oil production Photograph:( Reuters )

Story highlights

Biden, who is scheduled to be sworn in as president on January 20, has signalled he wants to bring Iran back into the accord that was brokered when he was vice president under Barack Obama.

Iran has planned to roughly double its oil production in the next year -- as the country anticipates a loosening of US sanctions after Joe Biden assumes power.

Oil Minister Bijan Namdar Zanganeh told lawmakers on Saturday the government aims to pump 4.5 million barrels a day of oil and gas condensate, during the next Iranian calendar year.

Zanganeh also said Iran will increase oil exports to 2.3 million barrels daily, IRNA reported.

Iran’s oil production had earlier almost halved to 1.9 million barrels a day since US President Donald Trump withdrew from a nuclear deal with the Islamic Republic in 2018 and tightened sanctions. And exports, as high as 2.6 million barrels a day three years ago, have dropped to just 133,000.

Biden, who is scheduled to be sworn in as president on January 20, has signalled he wants to bring Iran back into the accord that was brokered when he was vice president under Barack Obama.

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