Iran to Produce Oil Regardless of US Sanctions

The religious and the political rivals, Iran and the United States, have been in constant war. Over what reasons, that is uncertain, as the US claims Iran is developing WMDs. However, Iran denies any accusation as such. In 2015, sanctions on Iran were lifted up by barrack Obama, but as soon as Trump came into power, they were reinstated. These sanctions kind of crushed the Iranian economy as their oil wants being exported much. Most of their oil was exported to China or Russia. Which, if seen, are economical rivals to the United States.

However, according to reports by Al-Jazeera, after 2018, the oil exports dropped to 100,000-200,000 BPD. Prior to that, it went up to 2.5m BPD in 2018. Now, Iran is getting back at producing oil, and exporting it. According to Iranian Oil Minister Bijan Zanganeh “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.”

Iran has made a contract between National Iranian Oil Company and Persia Oil & Gas, of worth $294 million. This agreement will help Iran extract oil from Iraq’s Majnoon field and Iran’s Yaran oil field. This would help Iran get back at pace, and earn out of it. This would also help them to revive the so-devastating economy of their’s.

Saudi Oil ahs to end one day, and then Iran is most probably to take over more than half of the market. It is a dilemma for now, but something like this does hold importance in the future.

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