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.
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.