18:38 GMT +305 December 2019
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    'I am Back': Iran to Unveil Newest Oil Deals Soon as Nuclear Deal Reached

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    Iran will unveil its newest oil contracts, clinched after the signing of the historic deal on its nuclear program, at a conference in Tehran, tentatively scheduled for November, the managing director of the National Iranian Oil Company (NIOC) said Friday.

    MOSCOW (Sputnik) – Javadi said he anticipated crude sales to rise by half a million barrels a day as soon as the anti-Iran sanctions were gradually phased out and the negotiations being held with other countries were made public.

    "NIOC will unveil its new oil contracts first at a Tehran conference most probably in early November," Rokneddin Javadi was quoted as saying by the Fars News Agency.

    The US Energy Information Administration said in a report last month that Tehran haв the technical capacity to drive up production by 600,000 barrels a day.

    Iran reached the Joint Comprehensive Plan of Action (JCPOA) with six world powers on July 14. It provides for the termination of all anti-Iran UN Security Council resolutions, as well as US and EU restrictions on the import, transportation of and investment in Iranian oil.

    A number of countries, including Western European nations that imported over a million barrels a day from Iran before the 2011-2012 sanctions, have lined up to renew oil cooperation with Iran.

    In December 2014, NIOC deputy director for combined planning estimated that the new oil contracts could amount to $40 billion.


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    Oil, business, nuclear deal, Iran
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