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Iranian oil production and exports continue to rise, albeit below the Islamic Republic’s stated ambitions. In order to push production beyond pre-sanctions figures Iran needs to secure contracts with IOCs. But despite a steady flow of new agreements – in both upstream and downstream, the big deals are on hold until Iran finalizes its new contract terms. It hopes to hold a first bid round by July, but the clock is ticking.
SECURING EXPORT MARKETS KEY
Despite Iran’s ambitious crude production plans, the immediate priority is to regain market share lost as a result of international sanctions. There is no point in increasing production if there are no buyers.
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