Iran orders oil production increase by 500,000 barrels per dayJanuary 18, 2016 - 17:17 AMT PanARMENIAN.Net - Iran on Monday, January 18 ordered as planned an increase in its oil production of 500,000 barrels per day following the lifting of sanctions under its nuclear deal with world powers, AFP reports. "With the removal of sanctions, Iran is ready to increase production by 500,000 bpd and today this order was issued," Rokneddin Javadi, the head of the National Iranian Oil Company and the deputy oil minister, said in a statement. Iran currently produces 2.8 million barrels per day and exports just over one million barrels. Tehran had previously announced plans to increase production by half-a-million barrels after the lifting of international sanctions, and by another 500,000 bpd six months later. The nuclear agreement came into force on Saturday, allowing the United States and the European Union to end sanctions against Iran, including against oil exports. "The biggest problem on the oil market now is the 2 million bpd surplus that has driven down oil prices," Javadi said, AFP says. But he said Iran still needed to raise production. "If Iran doesn't increase its oil production, neighboring countries may in the next six to 12 months increase their production and take up Iran's share," he said. Concerns that fresh Iranian exports will worsen a supply glut have helped push oil prices to 12-year lows, and they plunged below $28 a barrel early on Monday. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |