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No hope for expansion for National Iranian Oil Company

Only a thaw in relations in the west can help Iran’s state firm

Iran, says Bijan Namdar Zanganeh, recently appointed to his second stint as the country’s oil minister, will increase oil production to 4.2 million barrels a day (b/d), a level last reached when he was last in office in 2005. Wisely, he gave no timeline for the revival. As an old hand in Iran’s oil sector, he will know better than many just how implausible the target sounds. Iranian oil production was about 2.7m b/d in July, around 1m b/d beneath last year’s average. It will not be rising significantly any time soon. Hamstrung by the Western embargo on the country’s oil and financial sectors, National Iranian Oil Company (Nioc), the state-owned firm that along with a string of subsidiaries

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