Iran’s oil output dropped from 3.6 million bpd in 2011 to 2.6 million bpd last month, due to the 2012 sanctions. Crude oil exports were simultaneously slashed from about 2.5 million bpd to about 1.2 million bpd.
Any future increase in oil exports though would require consensus among OPEC nations, who regularly negotiate a deal to curb supplies to keep oil prices above its favoured $100 a barrel.
Several oil ministers have already predicted no change to the group’s production cap of 30 million bpd next year.
Nonetheless, Zanganeh admitted that the government had kept their draft budget for the next fiscal year – starting March 21 – at just 1.1 million bpd, in the event of any complications.
World powers – the five permanent members of the United Nations Security Council and Germany known as the P5+1 – last month reached a historic deal with Iran on its disputed nuclear programme.
Pending negotiations for a broader agreement, Iran has agreed to freeze parts of its program in exchange for an estimated $7 billion in relief from crippling sanctions.