Iran is ready to increase oil production three times
Iranian Oil Minister Bijan Namdar Zanganeh said that Iran can already increase oil production almost 3 times. If we consider that, according to OPEC, in March, Iran's oil production was 2.3 million barrels per day, then it will have to produce an additional 4.1 million barrels per day. For comparison, Russia has recently exported 4.5 million barrels a day. That is, Iran can practically replace the Russian Federation in the global market. Before the pandemic crisis, Russia exported about 5 million barrels of oil a day. However, the terms of the OPEC+ deal do not allow it to return to this level. Bloomberg has estimated that if sanctions imposed during the presidency of Donald Trump are lifted from Iran, its production could double in 3-6 months – up to 4.5 million barrels per day. At the same time, Goldman Sachs believes that in this case, Iran in the second half of the year can increase production by only 1.5 million barrels per day.