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Iran's Oil Production To Reach Pre-Sanctions Levels In Two Months

An Iranian official has said the country's oil production will reach pre-sanctions levels within two months, raising hopes that Tehran could join efforts by leading oil producers to introduce a production freeze in a bid to increase petroleum prices.

Talks between top oil producers to freeze production broke down in Qatar on April 17 when Saudi Arabia insisted that all members of the Organization of the Petroleum Exporting Countries (OPEC), including Iran, should join the deal.

Iran is keen to reclaim its market share after the lifting of international sanctions in January and has said it would not change its stance until output reaches pre-sanctions levels.

Iran’s state news agency IRNA quoted Deputy Oil Minister Rokneddin Javadi as saying on April 19 that pre-sanctions levels would be attained by the end of the June.

OPEC members will meet in Vienna on June 2 in a renewed effort to agree to a production freeze.

Based on reporting by Reuters and ISNA