Iranian oil production: rejoining the club

Iran is looking to return crude output to the pre-2012 sanctions level of about 3.7m b/d, compared to the current 2.8m b/d average. The Ministry of Petroleum (MoP) has claimed it could deliver an additional 500,000 b/d of exports within six months and 1m b/d within one year of sanctions relief, taking total production to 3.8m b/d. That rests on some questionable assumptions.