Young Journalists Club | Latest news of Iran and world

News ID: 6678
Iran » Iran
Publish Date: 16:49 - 04 April 2015
Tehran, YJC. The Iranian Oil Ministry is counting the days before sanctions removal to boost production.

The Iranian Oil Ministry has announced that it is ready to boost its output once international sanctions on Iran's economy are lifted.

Iranian Deputy Oil Minister in International and Trade Affairs Hossein Zamani Nia said that the ministry is awaiting the occasion so that it would "redeem its share of the OPEC output.”

Under international sanctions posed on Tehran following the nuclear dispute, Iran's oil output has been severely diminished.

A recent framework agreement with world powers called 5+1 (the US, UK, France, Russia, China, and Germany) has boosted optimism over a brighter future for Tehran.

Last month the oil ministry held drills on boosting its output.

While right now Iran's oil output stands at 1 million bbl per day, the drills pursued producing 3 million barrels of oil a day.

Iran especially suffered scanty oil revenue after a Saudi-led campaign lead to oil prices plunge from around $100 to about $50 in recent months.

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