TEHRAN, Iran (AP) — Iran plans to increase oil production by 500,000 barrels per day now that sanctions have been lifted under a landmark nuclear deal with world powers.
Deputy Oil Minister Roknoddin Javadi says Iran is determined to retake its market share, which plunged after the crippling sanctions were imposed in 2012. His comments were posted on the ministry’s website Monday.
The U.N. nuclear agency certified Saturday that Iran has met all of its commitments under last summer’s agreement, prompting the lifting of sanctions.
Iran used to export 2.3 million barrels per day but its crude exports fell to 1 million in 2012.
Oil prices have recently plummeted to under $30 a barrel, a 13-year low.