The Wall Street Journal’s Benoit Faucon reports that Iran’s revival as a crude-oil exporter appears to have stalled, seven months after Western sanctions over its nuclear program were lifted, casting uncertainty over the country’s willingness to cooperate with other producers on limiting output.
Iran’s production has taken on heightened significance in recent weeks as the Organization of the Petroleum Exporting Countries gets ready for talks next month on oil output. Iran has previously refused to consider joining fellow OPEC members in action to lift crude prices by curbing output until its exports and production reach pre-sanctions levels.
But the country’s ability to reach pre-sanctions levels above four million barrels a day are now in question. Iran has been pumping 3.85 million barrels a day this month, the country’s oil minister Bijan Zanganeh said Saturday, little changed from above 3.8 million barrels a day he cited in June. That is up from less than three million barrels a day from before sanctions were lifted in January but short of the country’s stated goals.
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