Iran: Oil exports could rise to 2.5 million BPD if US sanctions are lifted

 Over the weekend, a senior Iranian official said Iran would increase its crude oil exports to 2.5 million barrels a day after the United States lifted sanctions on the country's oil industry. Separately, it is reported that new progress has been made in the talks in Vienna on the Iran-US nuclear deal.

 Eshaq Jahangiri, Iran's vice-president, was quoted by Argus as saying: "Oil sales were down a lot before, but now the situation is better  it has stopped the decline. With the lifting of sanctions, we will be able to increase our oil exports to 2.5 million b/d, "he said.

 The United States is in Vienna for indirect talks with European, Russian  Chinese diplomats on the Iran nuclear deal

 Currently, US sanctions imposed by the Trump administration are preventing Iran  exporting all its oil because many buyers around the world do  want to risk offending the US by doing business with Iran. Despite the sanctions, Iran continues to export some crude oil, most recently estimated at around 500,000 b/d.

 U.S. President Joe Biden has said he is willing to renegotiate the nuclear deal, but only if Iran complies fully with its nuclear activities.

 Iran has also ramped up crude oil production in recent months, putting it at about 2.5 million barrels a day in April, according to a monthly Reuters survey.

 Over the weekend, Iranian diplomats said new progress had been made in the ongoing talks in Vienna.

 Iranian President Hassan Rouhani, speaking at a cabinet meeting over the weekend, said: "With the economic problems of the sanctioners  with the lifting of sanctions close according to the recent negotiations, it is hoped that the country's economy will return to the path of balance  prosperity seen in 2014-2017."

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 Source: International Petroleum Network