Iran's oil exports to hit over 2 mln barrels – Min.

TEHRAN, May 8 (KUNA) — Minister of Oil Bijan Namdar Zangeneh on Sunday said that his country’s exports of the crude oil will hit more 2 million daily this month.
This will be the first time after the nuclear deal with the world power, officially known as the “Joint Comprehensive Plan of Action (JCPOA),” the minister told an international oil and gas conference in Tehran on Sunday.
Iran will export 2.4 million barrels daily, including condensate gas, the minister told an international conference in Tehran.
Since the lifting of sanctions in January under the nuclear deal, Iran has been ramping out oil production to claw back lost market share.
During sanctions, exports of oil and gas condensates combined stood at 1.35 million barrels per day. Those exports have now risen to 2.4 million barrels, Zangeneh said.
The minister noted that the Iranian oil industry is in need for USD 200 billion, USD 130 billion of which for production and maintenance and the rest for petrochemicals and refining.
Zangeneh said it was a “historical mistake” in Iran’s oil industry that the country accepted the production quota defined the Organization of the Petroleum Exporting Countries (OPEC) over the past years. (end) fz.msa

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