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Iran Plans To Ramp Up Oil Exports Despite American Sanctions

Iran Plans To Ramp Up Oil Exports Despite American Sanctions

Iran has no intentions of backing under pressure from U.S., and is planning to ramp up their production and develop their oil industry. Speaking over an open television programme, Iranian Oil Minister Bijan Zanganeh said, “We will not surrender under any circumstances. We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share.”

After the world has been busied taking care of the survival of their own after the pandemic led lockdowns, Iran is coming back to the scene to fight against the stringent economic sanctions imposed by the United States.

This announcement comes at a time when the Iranian National Oil Company has gone ahead and signed a deal with $294-millionwith Persia Oil & Gas, an Iranian firm, to develop the Yaran oilfield that is shared with neighboring Iraq’s Majnoon field.

Since the imposed sanctions on Iran, the production fell miserably, hurting the economy. The country that thrived on its oil export earnings has seen a sense of dismay and civil disobedience amongst its civilian population as pressure had been mounting on them from various quarters.

Earlier, Iran was exporting as much as an estimated 100,000 to 200,000 barrels of oil per day that has now dropped to literally half. Some of it is because of the American sanctions that have controlled its exports. The other major reason is the pandemic led lockdown which brought world economy to a grinding halt from March 2020 onwards.

While still struggling with keep their people in good condition in the pandemic situation, Iran was not allowed to export any oil. In fact, in June, the US imposed sanctions on five Iranian ship captains who were trying to deliver oil to Venezuela, and Secretary of State Mike Pompeo reaffirmed Washington’s backing for Venezuelan opposition leader Juan Guaido.

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