DUBAI

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

Iran ex­pects to raise oil out­put by 500,000 bar­rels per day (bpd) as soon as sanc­tions are lifted and by a mil­lion bpd within months, Oil Min­is­ter Bi­jan Zan­ganeh said in re­marks broad­cast on Sun­day.

"We are al­ready do­ing mar­ket­ing, and within a day af­ter the lift­ing of sanc­tions we will raise (pro­duc­tion) by 500,000 bar­rels per day," Zan­ganeh said. He said Iran's crude pro­duc­tion had fallen about one mil­lion bpd from about four mil­lion bpd un­der the sanc­tions, state tele­vi­sion re­ported. "Within the next few months, we will re­turn to the level of 3.8-3.9 mil­lion bar­rels," Zan­ganeh added.

"I have writ­ten a let­ter to OPEC say­ing that the sanc­tions are be­ing lifted and that we are re­turn­ing (to pre­vi­ous pro­duc­tion lev­els)," Zan­ganeh said. "We are not ask­ing any­body's per­mis­sion to get our rights back."

Ac­cord­ing to a Reuters su­vey of OPEC pro­duc­tion, Iran pro­duced 2.85 mil­lion bpd in July. The Reuters sur­vey aims to as­sess crude sup­ply to mar­ket, de­fined to ex­clude move­ments to, but not sales from, stor­age. A Reuters an­a­lyst said in July that Iran could in­crease its oil pro­duc­tion by up to 1 mil­lion bpd within 12 months of sanc­tions be­ing lifted, pro­vided it can find buy­ers for the crude. Iran and six world pow­ers reached a nu­clear deal in July, cap­ping more than a decade of ne­go­ti­a­tions. Un­der the deal, sanc­tions im­posed by the United States, Euro­pean Union and United Na­tions would be lifted in re­turn for Iran agree­ing long-term curbs on a nu­clear pro­gramme that the West has sus­pected was aimed at cre­at­ing a nu­clear bomb. In­ter­na­tional sanc­tions im­posed to force Iran to curb its nu­clear pro­gram have halved its oil ex­ports to just over 1 mil­lion bpd since 2012, and ham­mered its econ­omy.

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