Iran would need three days to lift its oil production back to the level it was at before US sanctions were imposed, the semi-official Mehr news agency quoted Iranian Oil Minister Bijan Zanganeh as saying on Tuesday.
“Three days are needed to return production to the levels before the reduction,” Zanganeh said, according to the report.
US President Donald Trump withdrew from world powers’ landmark 2015 nuclear deal with Iran last year and reimposed sanctions in an effort to curb the Islamic Republic’s missile program and support for regional proxies, Reuters reports.
Trump said on Monday that he'd support limited Iranian oil sales following political overtures by French President Emmanuel Macron and the Iranian government.
“... They may need some money to get them over a very rough patch and if they do need money, and it would be secured by oil, which to me is great security, and they have a lot of oil, but it is secured by oil, so we are really talking about a letter of credit. It would be from numerous countries, numerous countries,” said US President Donald Trump at a news conference following a meeting of the seven developed countries, also known as the G7 in the French restor town of Biarritz on Monday, Bloomberg reported.
Iran has been saying that it will sell its crude despite the US sanctions and pressures. According to the French initiative, Iran could be allowed to sell hundreds of thousands of barrels of oil.