Iran prepared for speedy oil output hike

Iran has plans in place to swiftly restore its crude oil production to pre-sanctions levels of nearly 3.4 million barrels per day (bpd), while the world powers and the Islamic Republic are expected to resume this week talks about the U.S. and Iran returning to the nuclear deal. Iran plans to restore almost 1 million bpd of oil production within a month of the U.S. lifting the sanctions on Iranian oil, which of course would happen if the Vienna talks result in an agreement. According to OPEC’s secondary sources in its latest available monthly report, Iran’s crude oil production averaged 2.393 million bpd in April, up by 73,000 bpd from March.