By Micah Halpern
I've Been Thinking:
Iran is planning to up their oil pumping production next year. As of the beginning of the Iranian year, which means March, Iranian leadership plans to increase production to 4.5 million barrels/day.
This will happen in two stages.
Stage One takes place right now and extends through the Biden inauguration.
First, Iran will increase their oil production to 2.6 million barrels per/day. In Stage Two they will double that to 4.5 million.
Impressive as those numbers sound, the real increase will be in increasing their oil input from their current production numbers to reach 2.6 million. According to Bloomberg News, Iran is now only producing 133,000 barrels/day.
This plan was presented, by Iranian Oil Minister Bijan Namdar Zanganeh, to the Iranian parliament on Saturday.
Oil is the most significant component of Iran’s economy. They need to pump their oil and to sell their oil. These past few years the Iranian economy has been crippled. It looks like it is on the mend.
As their economy improves, so will Iran’s threat and so will their nuclear program.
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