Iran Could Produce 'Extra Million Barrels' Of Oil Without Sanction

Iran's oil minister says the country could rapidly increase oil production by an extra 1 million barrels per day (bpd) if Western sanctions against it were lifted.

Bijan Zanganeh said at an OPEC seminar in Vienna on June 3 that Iran could produce 500,000 extra bpd within one month of sanctions being lifted and an extra 1 million bpd after six to seven months.

Iran currently exports 1.3 million bpd, down from some 2.2 million bpd before sanctions were imposed nearly 10 years ago.

Zanganeh said an increase in output by Iran would "not have a negative impact on the market."

Iran and six world powers are working to finalize a deal that would curb Tehran's controversial nuclear program in exchange for relief from the sanctions, many of which limit Iranian oil exports.

The two sides set a June 30 deadline for reaching the deal.

But sanctions would be lifted in stages as Iran complied with the agreement.

OPEC will meet on June 5 to agree to an output maximum for oil production.

Based on reporting by AFP and Bloomberg