Page 8 - MEOG Week 50 2020
P. 8
MEOG POLICY MEOG
Zanganeh sees quick production
increase if sanctions are lifted
IRAN IRAN is planning crude oil and condensate out- US President-elect Joe Biden has said that
put of 4.5mn barrels per day starting from March he is looking to engage with Iran, with a possi-
21 (the first day of the 2021/2022 Persian year), ble renegotiation of the nuclear deal that lifted
with exports at 2.3mn bpd, if current US sanc- sanctions on Iran’s oil sector before US President
tions are lifted by the incoming Biden admin- Donald Trump was elected and in May 2018
istration, Iranian Oil Minister Bijan Namdar pulled the US out of the nuclear agreement in
Zanganeh was quoted by saying as official energy favour of exerting pressure on Tehran on Middle
news agency SHANA on December 13. East policy demands with crushing sanctions.
“The oil minister was asked by deputies Under the Trump sanctions regime, Iran
whether this oil exports forecast for the next year has exported what oil and condensates it can
wasn’t optimistic. He answered: ‘We have con- on the grey market. There are widely varying
sidered this figure conditioned to the removal assessments of the success Iran has had with
of the sanctions. If the conditions improve, this this approach, with some analysts calculating
figure will be realised. Otherwise, we will sell that in certain months the country’s grey market
participation bonds,” Jafar Ghaderi, a member exports have climbed as high as 800,000 bpd.
of parliament’s planning and budget committee, Iranian President Hassan Rouhani said last
was quoted as saying by state news agency IRNA week that Biden should re-enter the nuclear deal,
after a meeting with Zanganeh. formally named the Joint Comprehensive Plan
If the targets were achieved, Iran could earn of Action, or JCPOA, after reversing sanctions
more than $17.3bn in oil revenue in the next first.
Persian year, lawmakers were also reportedly “Returning to the obligations does not take
briefed. time at all and it only depends on resolve, just like
“The oil minister stressed that given this when the JCPOA’s leg was broken and that less
export volume, around 25% of the money in the literate tradesman [Trump] doodled a piece of
[Persian] year 1400’s budget will be provided,” paper… the next person [Biden] can put a good
Ghaderi was also quoted as saying, adding: “Of piece of paper on the table and sign it nicely so
course, this has been based on a dollar parity that we can return to [where we were in] the first
rate at 115,000 rials for basic commodities and place, and it does not take time at all,” Rouhani
170,000 for state companies.” said.
P8 www. NEWSBASE .com Week 50 16•December•2020
