Iran Moves Forward To Ramp Up Oil Output

Iran Moves Forward To Ramp Up Oil Output

Iran will move forward with plans to pump an “additional one million barrels of oil per day into a oversupplied global market.”

Many oil producers are nervous and have been watching “Iran closely, after economic sanctions were lifted as part of a landmark nuclear deal with world powers.” “Amid mounting concerns about the impact of the price plunge, five of OPEC’s 13 members agreed earlier this month to keep output steady, but Iran has refused to join the production freeze.”

Iran considers that others countries should be held accountable to tackle the oil supply glut.

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