Iran Plans To Increase Its Oil Supply

Iran Plans To Increase Its Oil Supply Iran plans to increase its oil supply. Shortly before Joe Biden takes power in the US, Iran has rolled up its sleeves to increase its oil supply. Iranian President Hassan Rouhani said, "We are ready to rapidly increase our oil production." Joe Biden will take over the US administration in January. Shortly before the Biden era, Iran started preparations. With Biden taking over the administration, Iran has rolled up its sleeves to increase the country's oil production with the expectation that the sanctions on it will be eased. Iran's President Hassan Rouhani noted that following the nuclear agreement signed in 2015, they increased the country's oil exports to 2 million barrels per day and that Iran is ready to rapidly increase its oil production again. According to the statement made by Rouhani's official website, Tehran will prepare oil equipment for exploration and production by the current capacity within the next 3 months. The current President of the United States, Donald Trump, withdrew from the nuclear agreement with Iran in May 2018 and signed new sanctions against Iran. Due to these sanctions, oil exports, which were 2.6 million barrels per day in 2017, decreased to 133 thousand barrels. On the other hand, Iran realizes all of its oil exports with China.