NIOC: Iran plans to return oil output to pre-sanctions levels

At the Argus Crude Forum on Monday, Seyed Mohsen Ghamsari, the director for international affairs at the National Iranian Oil Company (NIOC) told Reuters that Iran is ready to raise its oil production to 4 million barrels per day (bpd) in the next two to three months depending on market demand.

Ghamsari noted, "We can increase crude production based on market requirement.”

Iran is also eyeing shipping supplies to new Chinese crude buyers via trading company Trafigura.

NIOC may raise its production capacity to 4.3 million bpd in the first quarter next year and eventually reach 5 million bpd in two to three years. Ghamsari added, "We believe that the market is more in favour of heavier grades and that's why we are going to introduce a new one."