03:27 GMT14 July 2020
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    Oil in Turmoil (134)
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    Iran in the near future intends to increase its oil output by 700,000 barrels a day, the managing director of National Iranian Oil Company said Saturday.

    MOSCOW (Sputnik) — Iran in the near future intends to increase its oil output by 700,000 barrels a day, the managing director of National Iranian Oil Company said Saturday.

    "The Sixth Development Plan has set the target of producing 4.7 million barrels of oil a day," Rokneddin Javadi said, as quoted by the Shana news agency, indicating that a planned increase amounts to 700,000 barrels.

    In August 2015, Tehran and six international mediators, including Russia, reached a historic deal with Iran, which was set to ensure the peaceful nature of its nuclear program in exchange for the termination of anti-Tehran sanctions, in particular in oil sector.

    In mid-January, the sanctions were removed after the International Atomic Energy Agency verified Tehran’s compliance with the nuclear agreement. The move makes it possible for Iran to pursue the role of an active player on the global oil market.

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    barrel, quotas, increase, oil production, International Atomic Energy Agency (IAEA), National Iranian Oil Company (NIOC), Iran
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