Iran will develop oil industry despite US sanctions: minister

Published July 11, 2020
Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day, down from more than 2.5m bpd that Iran shipped in April 2018. — AFP/File
Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day, down from more than 2.5m bpd that Iran shipped in April 2018. — AFP/File

Iran is determined to develop its oil industry in spite of sanctions imposed by the United States on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday.

“We will not surrender under any circumstances [...] We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,” said Zanganeh.

The minister was speaking before the signing of a $294-million contract between the National Iranian Oil Company and Persia Oil & Gas, an Iranian firm, to develop the Yaran oilfield that is shared with neighbouring Iraq’s Majnoon field.

The agreement aims to produce 39.5 million barrels of oil from the Yaran oilfield in Khuzestan province in southwestern Iran, the Iranian Oil Ministry’s news agency SHANA said.

Hit by reimposed US sanctions since Washington exited Iran’s 2015 nuclear deal in 2018, Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day, down from more than 2.5m bpd that Iran shipped in April 2018.

The Islamic Republic’s crude production has halved to around 2m bpd.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Afghan turbulence
Updated 19 Mar, 2024

Afghan turbulence

RELATIONS between the newly formed government and Afghanistan’s de facto Taliban rulers have begun on an...
In disarray
19 Mar, 2024

In disarray

IT is clear that there is some bad blood within the PTI’s ranks. Ever since the PTI lost a key battle over ...
Festering wound
19 Mar, 2024

Festering wound

PROTESTS unfolded once more in Gwadar, this time against the alleged enforced disappearances of two young men, who...
Defining extremism
Updated 18 Mar, 2024

Defining extremism

Redefining extremism may well be the first step to clamping down on advocacy for Palestine.
Climate in focus
18 Mar, 2024

Climate in focus

IN a welcome order by the Supreme Court, the new government has been tasked with providing a report on actions taken...
Growing rabies concern
18 Mar, 2024

Growing rabies concern

DOG-BITE is an old problem in Pakistan. Amid a surfeit of public health challenges, rabies now seems poised to ...