DECEMBER 9, 2022
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Iran Plans to Boost Crude Production Amid Absence of U.S. Green Light for Exports

Iran Plans to Boost Crude Production Amid Absence of U.S. Green Light for Exports

Iran's Oil Minister, Javad Owji, announced on Friday that the country intends to increase its crude oil production in the absence of any approval from the United States for exports. Speaking in the southwestern province of Fars, Owji revealed that plans for expanding oil production are underway, highlighting that Iran already has "customers across the world."

Owji emphasized that despite facing stringent sanctions and the absence of a green light from the United States, Iran has achieved favorable moves and accomplishments in various sectors. He noted that the current oil production stands at 3.3 million barrels per day, despite the imposition of 223 additional sanctions by the United States.

Recent data from consultants and companies monitoring tanker shipments indicate a notable rise in Iran's oil output and exports in recent months. However, U.S. Treasury Secretary Janet Yellen, during a news conference on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Marrakesh, Morocco, rejected the notion that Washington had relaxed its enforcement of sanctions on Iranian oil exports.

Yellen stated unequivocally, "We have not in any way relaxed our sanctions on Iranian oil," adding that the U.S. continuously reviews information and remains open to tightening sanctions based on new developments. The U.S. imposed sanctions on Iran, primarily targeting its oil exports and banks, escalated in 2018 following the country's unilateral withdrawal from the 2015 nuclear deal with world powers.

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