Iran set to raise oil output by 250,000 bpd this summer

DUBAI, (Reuters): Iran will produce an extra 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC).

“Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC Managing Director Mohsen Khojasteh-Mehr as saying.

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The country’s oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing Iran’s oil exports.