Despite the USA sanctions, Iran is ready to develop the oil production industry and increase the oil extraction, says the Oil Minister of Iran, Bijan Zanganeh, in his TV speech.
“We have to increase our capacity so that when necessary with full strength, we can enter the market and revive our market share,” - said Zanganeh.
According to Reuters, the minister spoke before the signing of a $294-million contract between the National Iranian Oil Company and Persia Oil & Gas, an Iranian firm. The agreement aims to produce 39.5 million barrels of oil from the oilfield in southwestern Iran.
Hit by reimposed U.S. sanctions in 2018, Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day. The Islamic Republic’s crude production has halved to around 2 million bpd.
