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Iran ups oil output by 500k barrels in hours

Source: Press TV

Iran said on Saturday that it has set a record in boosting its oil production capacity by 500,000 barrels "in a matter of hours". Mohsen Dehqan-Zadeh, the managing director of Karoun Oil and Gas Development Company, told reporters that the record had been made in Iran's southern onshore oil fields.

Christmas Gift: Sanctions on Iran oil to end soon
cartoon by Salman Taheri, Iranian daily Shahrvand

Dehqan-Zadeh said this was part of a test to check the abilities of the country to increase its oil production as soon as the sanctions are lifted.

The official added that the boost was previously expected to be achieved in three days. However, he said, the record increase had been made "within a single day".

Iran's Petroleum Minister Bijan Zanganeh said in August that the country could increase its oil output by 500,000 barrels per day (bpd) within a week after the removal of the sanctions.

Zanganeh had further told reporters that Iran's oil output could increase by above 1 million bpd within a month after all the sanctions are lifted.

"Some of the most effective sanctions [against Iran] with regards to the oil industry were those that targeted aspects such as sales, volumes, shipment, insurance and the transfer of money," he said.

"If those issues are resolved, Iran will regain the market share that it has lost which amounts to above one million barrels per day."

Zanganeh has also said Iran had informed the Organization of Petroleum Exporting Countries (OPEC) about its intention to increase its oil production. He stressed that this will be carried out to regain Iran's legitimate right to regain the market share that it had lost as a result of the US-engineered sanctions.

Based on the current regime of sanctions that Iran has repeatedly criticized as illegal, cruel and unjust, the country cannot increase its exports of oil beyond an imposed ceiling of 1,000,000 barrels per day.

The sanctions also ban foreign investments in the Iranian oil and gas industry - thus keeping the funds and the technology that it requires to maintain and even increase its oil output.

A large part of the sanctions are expected to be removed as a result of the recent progress in Iran's nuclear energy case.

... Payvand News - 12/19/15 ... --

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