Iran: Most oil output can be restored in one month of sanctions ease

Dhwani Mehta FXStreet

“Most oil output can be restored in one month of sanctions ease,” the National Iranian Oil Company’s (NIOC) Deputy Director of Production Affair Farokh Alikhani said on Wednesday.

“Shana to fully restore oil output in three months after sanctions removal,” Alikhani added.

Earlier on, Iranian officials said that oil sanctions are still not resolved in the nuclear talks.

WTI reaction

WTI is slightly off the session highs of $70.59 on the above comments, currently trading at $70.46, up 0.57% so far.

The US oil refreshed over two and a half years highs at $70.63 earlier in the Asian session.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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