Since Biden took over as president, the National Iranian Oil Corporation has begun negotiations with Asian clients, especially India, to assess the demand for its oil. Direct and indirect supplies of Iranian oil to China have risen over the past 14 months, reaching a record peak in January-February, according to Refinitiv’s oil survey. Oil production has also increased since the 4th quarter of 2020.

Iran was producing 4.8 million barrels per day prior to the renewal of sanctions in 2018. S&P Global Platts Analytics expects that the full post-deal sanctions will be lifted by 4th quarter of 2021, and as a result, production will increase by 850,000 barrels per day in December to $3.55 million per barrel, with further growth in 2022.

Iran confirmed its readiness to sharply increase oil production. Due to the nuclear deal and the lifting of international and unilateral sanctions, the country can increase oil exports by 2.5 million barrels per day.