Iran oil exports could increase by a million barrels a day after sanctions are lifted

Bijan Namdar Zangeneh Oil Minister Iran

Bijan Namdar Zangeneh Oil Minister Iran

Iran oil exports: Iran’s Minister for Oil Bijan Namdar Zangane today told the country’s official IRNA news agency that Iran could pump a further million barrels a day onto the world markets if sanctions were lifted. Although he predicted that this “would not have a significant impact on oil prices and global markets,” his remarks will inevitably exacerbate fears of a glut in a marketplace that is already beset by overproduction; on Monday, US oil prices slumped to a six-year low amid fresh signs that supplies are swamping the market.
The Minister added, however, that it was by no means certain that there was going to be a speedy end to sanctions and that it would take Iran about six months to increase its production capacity by that amount. 
Talks over sanctions resumed yesterday in Lausanne with U.S. Secretary of State John Kerry meeting with Iran’s Foreign Minister Javad Zarif for about five hours. 
Zangane’s remarks came as the The Wall Street Journal  reported that Tehran had already held preliminary talks about building up supplies in some countries in Asia. “We told its Asian customers that are willing to increase supply when sanctions are lifted,” one of its sources said.

Source: Interfax