"It's been fairly clear to us that Iran infrastructure is capable of increasing production and exports fairly quickly in line of what the government's stated objectives have been. I think that its a live issue at the moment to the extent of whether Iran will be willing to bow to some international market pressure, keep exports fairly limited or face domestic political pressure and export as quickly as they can. Our understanding has been the latter," Henry Smith said.
The Iranian Petroleum Ministry said in November that the country plans to increase its oil output to reach 1 million barrels per day.
Iran's moves to upgrade its energy sector comes after the lifting of the international sanctions against the country on January 16, following the International Atomic Energy Agency's (IAEA) confirmation of Tehran’s compliance with the Joint Comprehensive Plan of Action (JCPOA).
