Speaking on the sidelines of a meeting held in St. Petersburg Economic Forum on Fri., Deputy Director of Russia’s Lukoil Company Leonid Fedun reiterated that once oil sanctions imposed on Iran are lifted, it could export 1.5 million barrels of oil per day (bpd) in a short period.
This amount of oil exports from Iran will be able to enter the world oil market quickly, he added.
He believes that return of Iranian oil can change the market conditions, which is currently facing a shortage of supply, to a market with a surplus of supply. That is why OPEC is very cautious in all its measures.
He went on to say that Iran has also the potential to increase its oil production to 6 million barrels per day.
Russian Deputy Prime Minister Alexander Novak also had predicted that Iran could export 1.5 million barrels per day by summer of this year after revival of nuclear deal, JCPOA.