Minister Says Iran Can Restore Oil Output Quickly After A Nuclear Deal

"As soon as nuclear negotiations in Vienna are concluded, we can reach our maximum oil production capacity and exports in less than one or two months," Owji was quoted as saying by the official oil ministry news agency SHANA on Telegram. "However, we are in no way tied to waiting for the nuclear talks."

However, Iran’s ability to pump more oil is limited because of lack of investments in the oil and gas sector over the years. Owji said in November that the country needs to invest around $160 billion to upgrade its infrastructure and boost production.

Recently, Iran’s parliament speaker indicated that production cannot be boosted to 4 million barrels a day, while domestic production is already around two million barrels. Iran plans to increase output to 3.8 million barrels per day if sanctions are lifted.

Iran sits on the world’s fourth-largest oil reserves, but its crude output has dropped since the imposition of US sanctions on its economy in 2018, when then-US President Donald Trump exited the 2015 nuclear deal.

Negotiations to revive the pact have been going on for 11 months in Vienna, and diplomats are now believed to be in the final stage of talks. The United States will lift oil sanctions at least temporarily until the two sides fully retore the nuclear agreement, JCPOA.