Iran Poised to Counter U.S. Sanctions with Oil Strategy

Iran is taking measures to sustain its oil production amidst potential U.S. sanctions. The oil sector, previously hit under Trump's administration, has rebounded, with production rising to 3.2 million barrels daily. Exports have also surged, notably to Chinese refiners despite ongoing U.S. sanctions.

Iran, anticipating possible U.S. oil sanctions under a future Trump administration, has laid out plans to maintain its oil output and exports, according to Oil Minister Mohsen Paknejad. The announcement was reported by the oil ministry's news site, Shana, on Wednesday.

Following the U.S.'s withdrawal from the 2015 nuclear deal, sanctions led to a drastic reduction in Iran's oil production, dropping to 2.1 million barrels per day during Trump's presidency. Paknejad assured that the oil sector has prepared for potential restrictions and expressed confidence in avoiding disruptions.

In a significant recovery, Iran's oil production has surged to approximately 3.2 million barrels per day, as stated by OPEC. Iranian oil exports have neared multi-year highs, reaching 1.7 million bpd, predominantly supplied to China, which does not acknowledge U.S. sanctions.

(With inputs from agencies.)