Iran says oil output will not rise until sanctions relief

If trade sanctions against Iran were removed, the country would become a significantly stronger economic power within a decade, she said, and argued that lifting the ban on exporting U.S. oil would be an important buffer against both Iran and Russian Federation.

Iranian merchants display a carpet at Tehran’s main bazaar Monday as weavers plan to re-enter U.S. market.at work following the country’s historic nuclear deal with world powers, anticipating a boost in exports as sanctions are set to be lifted in the months ahead.

Currently, Iran’s crude oil production is estimated to be 2.7 million barrels per day.

The WB forecasted in its latest report that Iran’s economic growth will surge to about five percent next year from three percent this year after the sanctions are lifted.

Following the planned suspension of a number of sanctions imposed on Iran by the United States and the European Union, global trade with the country is expected to increase substantially over the next few years, said the report titled “Sanctions Removal to Attract Insurers and Reinsurers to Iranian Market”. In mid-January, Mohsen Rezaei, secretary of the influential Expediency Council, said exports dropped by 1.5 million barrels per day and inflicted more than $100 billion in revenue losses under sanctions.

“Individuals within the carpet enterprise have begun to supply carpets suiting the style of the American market, receiving orders and negotiating with clients”, he stated.

Based on JCPOA, the sextet agreed to remove all sanctions imposed on Iran’s economic and energy sectors in return for certain restrictions in Iran’s nuclear program. Six countries – China, India, Japan, South Korea, Taiwan and Turkey – buy oil from Iran.

The Islamic republic was as soon as the world’s largest carpet exporter however the business has been hampered by the sanctions and competitors from cheaper Indian, Pakistani and Chinese language copies of conventional Iranian patterns. “The Persian carpet is just like the Iranian flag, recognized everywhere in the world”.

“People and Canadians want mild colours however the older generations go for darker ones”. Iran’s experience with managing previous oil windfalls is sobering.

Head of the Iranian National Carpet Center Hamid Kargar told the paper that before sanctions, Iran’s hand-woven carpets accounted for about one-fifth of the US market, adding that Iran’s carpet producers are already making carpets for the US market, hoping that exports will resume next year.

He’s confident, though, that Iranian pistachios have a special advantage.