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  • 23-06-21

    Iranian Oil Company to increase country’s oil output to pre-sanction levels

    (MENAFN)The National Iranian Oil Company (NIOC) is also getting prepared for increasing the country’s oil output to pre-sanction levels or even higher, as Vienna nuclear talks amid Iran and world powers indicates signs of progress.

    Iran and other signatories of the 2015 nuclear deal, called the Joint Comprehensive Plan of Action (JCPOA), are discussing the revival of the stated pact in that Donald Trump removed the US in 2018.

    The removal of the US from the nuclear deal was the start of a new round of sanctions on the Islamic Republic’s oil industry, and as a result the country declined its oil production levels as its major oil customers pressured by the US declined to continue buying Iranian oil.

    Iran is extracting 2.5 million barrels per day (bpd) of crude oil, as the country’s output stood at 3.83 million bpd in mid-2018, unofficial data reported.
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