Iran Rises 500,000 bpd in Oil Production after Sanctions Removal

Iran Rises 500,000 bpd in Oil Production after Sanctions Removal
Mon Jan 18, 2016 16:27:10

Iran Oil Ministry has been ordered to raise the country’s daily oil production by 500,000 barrels following announcement of the removal of international sanctions against the country, Managing director of the National Iranian Oil Company says.

Speaking to reporters after a meeting with Iran's First Vice President Eshaq Jahangiri on Monday, Roknoddin Javadi said, “Following the removal of sanctions, Iran is ready to increase its crude output by 500,000 barrels per day (bpd), and the order to do this was notified [to Iran's Oil Ministry] today.”

The development came two days after Iran’s Foreign Minister Mohammad Javad Zarif and European Union’s foreign policy chief, Federica Mogherini, announced during a joint press conference in Vienna on Saturday the beginning of the implementation of a nuclear deal reached by Iran and six world powers in the Austrian capital, Vienna, last July, PRESS TV reports.

Managing Director of the National Iranian Oil Company Roknoddin Javadi

The announcement came after the International Atomic Energy Agency (IAEA) released its latest report confirming Tehran’s compliance with its commitment as per the nuclear agreement, also known as the Joint Comprehensive Plan of Action (JCPOA).

"As Iran has fulfilled its commitments, today, multilateral and national economic and financial sanctions related to Iran's nuclear program are lifted in accordance…. All sides remain firmly convinced that this historic deal is both strong and fair, and that it meets the requirements of all,” said a joint statement read out by Zarif and Mogherini.

The statement added, "UN sanctions related to Iran's nuclear programme are lifted. United Nations Security Council resolution 2231 (2015), which endorsed the JCPOA, will from now onwards, together with the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), be the sole international legal framework related to Iran's nuclear activities, terminating provisions of resolutions 1696 (2006), 1737 (2007), 1747 (2007), 1803 (2008), 1835 (2008), 1929 (2010) and 2224 (2015)."

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