Home/Commodities/Newsfeed

Iran to Ramp Oil Production After End of Sanctions

Share Print 0

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.

Via CNN

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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

@alfonso_forex

Back to Top