FXStreet (Mumbai) – Latest on Iranian nuclear talks as reported by WSJ on Sunday states, Iran wants to double its crude exports soon after sanctions are lifted and is pushing other members of the Organization of the Petroleum Exporting Countries (OPEC) to renew the cartel’s quota system, a top Iranian official said.
Both developments could set up a clash with Saudi Arabia, which is scrambling to raise its own export numbers and has opposed the return of production limits on individual OPEC members.
Iran’s efforts underscore how the country’s full return to the export market would upend the status quo among leading producers if Tehran clinches a deal with six world powers that would lift sanctions in exchange for curbs on its nuclear activities.
The latest deadline for a deal is July 7, Tuesday and officials said the elements of an agreement were falling into place over the weekend, though there were still important sticking points that could scuttle it.
Should sanctions be lifted, Iran’s deputy oil minister for planning and supervision, Mansour Moazami, said in an interview that his country’s oil exports would reach 2.3 million barrels, compared with around 1.2 million barrels a day today.
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