Iran to expand its output capacity

Iran is looking to expand its oil production capacity in anticipation that an eventually end of US-imposed sanctions would allow it to claw back its share of of the global oil market, according to Oil Minister Bijan Namdar Zanganeh.

“It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Zanganeh said in a speech broadcast on state television, according to Bloomberg. 

Zanganeh added that Iran needs to increase production capacity to be able to return to the market in full force and restore our share whenever necessary.

The nation's oil exports tanked after the U.S. withdrew from Iran’s nuclear deal and imposed sanctions on its energy sector.