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Iranian Firms to Sign $1.2 Billion in Deals to Boost Oil Output

Source: Bloomberg News, by Arsalan Shahla

 Iranian companies plan to sign agreements worth $1.2 billion to maintain and raise the nation’s crude output, state-run National Iranian Oil Co. said.

The signings are to take place Monday in the presence of Oil Minister Bijan Namdar Zanganeh in Tehran, NIOC said in a statement, without providing further details.

Two NIOC subsidiaries signed $1.8 billion of similar domestic contracts in August to boost production at more than a dozen onshore and offshore crude deposits.

Zanganeh said in mid-December that Iran planned to roughly double oil production in the next year to 4.5 million barrels daily, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president.

The Organization of Petroleum Exporting Countries, including Iran, are to meet Monday to assess production. While the 13-nation group has slashed output since April to buoy prices in the face of the coronavirus pandemic, Iran is exempt from a quota due to the sanctions.

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