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Iran ready for possible oil export curbs after Trump election

Iran has actually made plans to sustain its oil production and export and is all set for possible oil limitations from a Trump administration in the U.S., Oil Minister Mohsen Paknejad stated on Wednesday, according to the oil ministry's news site Shana.

In 2018, then-U.S. President Donald Trump withdrew from a. 2015 nuclear pact with Iran and re-imposed sanctions which injure. Iran's oil sector, with production dropping to 2.1 million. barrels per day (bpd) during his presidency.

Needed measures have been taken. I will not enter into. information however our coworkers within the oil sector have actually taken. steps to handle the restrictions that will happen and there. is no factor to be concerned, Paknejad stated.

In recent years, Iranian oil production has actually rebounded to. around 3.2 million barrels each day according to the

Organisation of the Petroleum Exporting Countries

, of which Iran is a member.

Iranian oil exports have climbed this year to near. multi-year highs of 1.7 million bpd in spite of U.S. sanctions. Chinese refiners buy the majority of its supply. Beijing says it doesn't. acknowledge unilateral U.S. sanctions.

(source: Reuters)