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Iran doubles crude exports following nuclear deal: minister

Xinhua, May 16, 2016 Adjust font size:

Iranian Oil Minister Bijan Namdar Zanganeh said the country's crude production and exports have almost doubled compared to the levels seen during the sanctions period, local media reported on Monday.

"Thanks to JCPOA , production and export of crude oil and its byproducts have risen two-fold compared to the sanctions period," Zanganeh was quoted as saying by Iran's Financial Tribune daily, using the acronym of Iran's nuclear agreement with six world powers.

Western sanctions on Iran's energy sector over the latter's sensitive nuclear program had cut Iran's crude output to around 2.5 million barrels per day (bpd) and reduced exports to barely above 1 million bpd.

Hopes have been raised in Iran for economic gains following international and western sanctions relief due to the nuclear deal Iran clinched with the world powers last July.

According to Iranian government officials, oil output is now closing in on its pre-sanctions level of 4 million bpd.

"We can now clearly see the benefits of sanctions removal on the Oil Ministry's projects," Zanganeh was quoted as saying. Endit