UNITED24 - Make a charitable donation in support of Ukraine!

Weapons of Mass Destruction (WMD)

Iran Press TV

Iran to reach maximum oil output 1-2 months after Vienna talks: Owji

Iran Press TV

Thursday, 03 March 2022 7:37 PM

Iranian Oil Minister Javad Owji says the country will return to its maximum oil output within one to two months from the conclusion of ongoing international talks that are meant to revive a 2015 nuclear deal known as the JCPOA.

Owji said on Thursday that Iran will not tie its crude output increase plans to the negotiations in Vienna as he insisted that the country has alternative solutions to sell its oil or to increase supplies to domestic refineries or petrochemical plants.

"As soon as the Vienna negotiations are concluded we will reach the maximum oil output within one or two months although we will never wait for these negotiations," Owji was quoted as saying by the semi-official Fars news agency.

Iran and world powers are believed to be near an agreement to revive the JCPOA after months of intensive negotiations in Austria.

The agreement will remove US sanctions imposed on Iran since 2018 when a former administration in Washington violated the terms of the JCPOA and pulled out of the landmark international deal.

Owji's comments came a day after he attended a virtual meeting of the OPEC+ alliance of the oil producing nations where members agreed to stick to previous plans for a small increase in crude oil output in April.

That comes as many expect a return of Iranian crude to the market can calm down prices that have risen to record levels in recent days because of a military conflict in Ukraine.

Iran's current oil output is believed to be more than 2.5 million barrels per day (bpd) while exports have reached over 1 million bpd in defiance of US sanctions.

Iran pumped nearly 3.8 million bpd before the imposition of US sanctions. Industry sources say the country has also around 80 million bpd of oil in floating storage.

Join the GlobalSecurity.org mailing list