Iran is planning to increase its oil production by 460 million barrels a day (b/d) within three years, according to Oil Minister Bijan Zanganeh.

Zanganeh said the production plan focuses on output from 29 oil fields, according to the state-owned Oil Ministry news service Shana.

These fields include: Ilam, Khuzestan, Gachsaran, Falat Qareh and Fars.

The majority of the work to develop these oil fields will be carried out by Iranian companies, Zanganeh said.

“More than 75 per cent of the equipment for developing the output is Iranian,” he added.

Iranian crude oil exports declined in May as the country prepared for the return of US sanctions, according to figures gathered by the energy consultancy Petro-Logistics.

Iran said it exported an average of 2.6 million b/d in April. This is thought to have declined to about 2.5 million b/d in May.

US President Donald Trump announced America’s withdrawal from the 2015 nuclear agreement on 8 May.

Trump’s decision started a countdown for the return of US sanctions on Iran.

While many of these sanctions are due to return on 6 August, penalties focusing on oil will return 90 days later, on 4 November.

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