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Iran to boost oil production by 500,000 barrels a day — official

Iran’s draft budget for 2016 provides for daily export of 2.25 mln barrels a day

© EPA/ABEDIN TAHERKENAREH

TEHRAN, January 18. /TASS/. Iran starts increasing oil production by 500,000 barrels daily, Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi said on Monday.

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"Iran initiates scaling up daily oil production by 500,000 barrels," Shana news agency cited Javadi.

Such a decision was made in view of lifted sanctions on Iran’s oil export and bank transfers, NIOC chief executive said.

Sanctions were lifted on January 16 after announcement of initiated implementation of P5+1 nuclear deal with Iran.

Iran’s draft budget for 2016 provides for daily export of 2.25 mln barrels a day. Export was equal to approximately 1 mln barrels daily until now.

Lifting sanctions against Iran has already made pressure on oil price

According to Russian Deputy Prime Minister Arkady Dvrokovich, the removal of sanctions against Iran has already made a negative impact on oil price.

"It has already made an impact," - he said when answering the relevant question from TASS.

He declined to comment on the terms of the descending trend in oil price pointing that many factors should influence it.

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