The Islamic Republic of Iran, via its Petroleum Ministry, said that Iran is able to maintain its 14% quota in the OPEC organization, adding that the oil production capacity has still room for a big increase, up to 5.2 or 5.7 millions of barrel per day, from the current 4 millions.
Iran has been re-entering the global oil market after in January the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency (IAEA) verified Tehran’s compliance with a nuclear agreement reached in July 2015.
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