National Iranian Company to Increase Oil Extraction as Nuclear Deal Reached

The National Iranian Oil Company has announced plans to increase oil extraction in all of its fields for a total of four million barrels per day in 2015, Reuters reported, citing Iran’s Shargh newspaper on Wednesday.

MOSCOW (Sputnik) – The state-owned energy corporation’s foreign liaison director, Mohsen Ghamsari, said that Iran would attempt to win back its 42-43-percent shares on the European market after Western sanctions were lifted.

The NIOC is the world’s third largest oil company after Saudi Arabia’s Aramco and Russia’s Gazprom.