With the prospect of international sanctions on its key oil and banking sectors being lifted in the not too distant future, Iran issued a clear notice to global oil markets at this week’s OPEC meeting: Not only is it targeting a full return to its 3.5mn b/d pre-sanctions crude output, it is resolute on boosting production further to 4mn b/d – a level it has not managed to sustain since early 2008.

“I will not follow any limitation on a return to our previous level of production,” Mr Zanganeh – leading the Iranian delegation for the first time in eight years – said ahead of the 164th ministerial meeting in Vienna. “At the very least, we will return to 4mn b/d total crude output,” he continued. (CONTINUED - 1145 WORDS)