Iran Targeting Crude Output Hike Alongside Upstream Opening

Iran’s oil minister has set a target of 5.7mn b/d output by 2018 ahead of a nuclear deal Tehran hopes could result in the reopening of its lucrative upstream sector.

Ever since arriving at the historic interim deal with world powers on its much disputed nuclear program late last year, Iran has been keen to push the narrative that the deal, despite being in place for just six months, represents the beginning of the end of US and EU sanctions on Iran.

“Cracks are beginning to form in the foundation of the West’s sanctions,” officials say. “The path we are on is irreversible,” others claim.

This is of course nothing more than rhetoric. Only now, after four months and three rounds of high-level talks, are Iran and Western powers “set to start drafting” the much-sought after final deal, testament to just how difficult and exacting the process is. (CONTINUED - 1081 WORDS)