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Iran’s oil output to reach pre-sanctions level in June

by ChemOrbis Editorial Team -
  • 20/04/2016 (14:16)
According to media reports, Iranian Deputy Oil Minister Rokneddin Javadi said that the country’s crude oil production will reach pre-sanctions levels by the end of June, giving a signal that Iran may be more willing to cooperate with other OPEC members on a proposed output freeze at the cartel’s next meeting, which is planned to take place on June 2 in Vienna.

OPEC and non-OPEC producers could not reach an agreement on an output freeze at their meeting on Sunday as Saudi Arabia demanded participation of all members, including Iran. However, Iran said they will not be freezing their own output until reaching pre-sanction levels.

A source familiar with the issue reported that Iran will support other oil producers in stabilizing the market soon after increasing its production to pre-sanction levels. Iran’s oil output was slightly below 4 million barrels a day before sanctions were imposed in 2011 and 2012. Deputy Minister Javadi reported that oil output moved above 3.5 million barrels per day last week.
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