Iran to Ramp Oil Production After End of Sanctions

Iran has been shut out of Western oil markets for years due to sanctions, but those restrictions will be lifted if Congress backs a nuclear deal struck in July.

Tehran is wasting no time in planning its comeback, and is aiming to ramp up production faster than many expect despite a supply glut that is killing prices.

“Can we wait and not produce after lifting the sanctions? Who can accept it in Iran,” oil minister Bijan Zanganeh told CNN in an exclusive interview on Tuesday. “Do you believe that … our country will accept not to produce, to secure the market for others? It’s not fair.”

Iran has the fourth biggest oil reserves in the world and is pumping about 2.8 million barrels a day, according to experts.
Analysts expect the OPEC producer to add between 600,000 and one million barrels to output once sanctions are lifted, but Zanganeh is much more bullish.


Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza