Iran says 4mbpd oil output possible if sanctions lifted

Iran says 4mbpd oil output possible if sanctions lifted
Wed Jun 11, 2014 11:02:21

Iran's oil output could reach 4.0 million barrels per day in "less than three months" if Western sanctions are lifted over its nuclear energy program, Oil Minister Bijan Zanganeh says.

"After lifting the sanctions, (in) less than three months we can produce four" million barrels of oil per day, Zanganeh told reporters upon his arrival in Vienna on Tuesday on the eve of an OPEC output meeting.

That compares with Iran's current production of approximately 2.7 million bpd, according to OPEC data which cites secondary sources.

Zanganeh added Tuesday that the nation's oil exports currently stand at 1.5 million bpd.

His comments came after Iranian President Hassan Rouhani said earlier Tuesday that his nation would "do its best" to secure a nuclear deal in crunch talks between Tehran and Washington on the long-running nuclear row.

Zanganeh cautioned on Tuesday that it was not possible to state when the negotiations would conclude.

"This is a political discussion. No one cannot say when, this day or tomorrow, it will be finalized," he told reporters in Vienna.

"It's a complicated issue and difficult discussion. If we receive the good intentions from the other side of the negotiations, we can reach an accord."

The talks are part of a fresh diplomatic drive in the face of a looming July 20 deadline for a final deal between Iran and the P5+1 group of world powers.

Since an interim agreement with the P5+1 group came into effect in January, Iran has been allowed to maintain its oil exports at around 1.2 million bpd.

The figure remains under par for Iran, which has the world's second biggest gas deposits and fourth largest oil reserves -- 2.5 million bpd of crude was being sent abroad in late 2011.

The P5+1 comprises Britain, China, France, Russia, the United States and Germany.

BA/BA

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