A rise in Iranian barrels is partially countering recent output cuts agreed to by Saudi Arabia and Russia.
BY:
BLOOMBERG
| 08/23/2023 06:43 AM EDT
ENERGYWIRE | Iran plans to keep raising oil production as backdoor diplomatic efforts with the U.S. appear to be easing pressure on the Middle Eastern nation.
The Islamic republic expects to boost production to 3.4 million barrels a day by the end of summer, according to Oil Minister Javad Owji. That would put output near Iran’s capacity limit of 3.8 million barrels a day. The country has already boosted production by about 50 percent over the past two years, according to comments Owji made to the Iranian Parliament’s energy committee reported by the ministry’s news service Shana.
Owji’s remarks come amid diplomatic efforts between the U.S. and Iran that have raised speculation about whether aspects of the nuclear deal abandoned by former President Donald Trump in 2018 could be revived. The two nations recently reached agreements that would see captive Americans released and some frozen Islamic republic funds freed for …