News ID: 100625
Publish Date : 04 March 2022 - 22:28

TEHRAN - Iranian Petroleum Minister Javad Owji says the country will return to its maximum oil output within one to two months.
Owji said that Iran will not tie its crude output increase plans to the negotiations in Vienna as he insisted that the country has alternative solutions to sell its oil or to increase supplies to domestic refineries or petrochemical plants.
“We will reach the maximum oil output within one or two months although we will never wait for these negotiations,” Owji said.
Owji’s comments came a day after he attended a virtual meeting of the OPEC+ alliance of the oil producing nations where members agreed to stick to previous plans for a small increase in crude oil output in April.
That comes as many expect a return of Iranian crude to the market can calm down prices that have risen to record levels in recent days because of a military conflict in Ukraine.
Iran’s current oil output is believed to be more than 2.5 million barrels per day (bpd) while exports have reached over 1 million bpd in defiance of U.S. sanctions.
Iran pumped nearly 3.8 million bpd before the imposition of US sanctions. Industry sources say the country has also around 80 million bpd of oil in floating storage.

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