#Iran Sets Out Ambitions to Hike Oil Production Next Year - Bloomberg

Iran Sets Out Ambitions to Hike Oil Production Next Year - Bloomberg

Iran said it planned to roughly double oil production in the next year, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president.

Oil Minister Bijan Namdar Zanganeh told lawmakers on Saturday the government aims to pump 4.5 million barrels a day of oil and gas condensate, which is a liquid form of natural gas, during the next Iranian calendar year beginning on March 21, the state-run Islamic Republic News Agency reported.

Zanganeh also said Iran will increase oil exports to 2.3 million barrels a day provided that the U.S. eases sanctions on the energy sector, IRNA reported, citing Jafar Qaderi, a parliamentarian who sits on the budgetary affairs commission.

The projected exports are expected to cover 25% of Iran’s budget for the year ending March 2022, Qaderi said, a sign that the Islamic Republic’s economy is reducing its dependence on income from oil.