Major oil producer Iran has said it will increase its own oil output to pre-sanctions levels in the next few months, shrugging off the deal between Russia and Saudi Arabia to stabilize oil markets.
The National Iranian Oil Company’s (NIOC) director for international affairs told CNBC on Wednesday that Iran’s oil output had reached 3.8 million barrels per day and that it would increase production.
“Our current rate of production is slightly over 3.8 million barrels per day and before sanctions we were over 4 million,” said NIOC’s Seyed Mohsen Ghamsari, who was speaking at a petroleum conference in Singapore hosted by S&P Global Platts.
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