Sputnik - The fact that Iran's average daily oil exports currently stand at 2.6 million barrels indicates that Tehran has managed to overcome the most difficult period of the anti-Iranian sanctions, Vladimir Sazhin, a Russian expert on the Middle East, told Sputnik.




He recalled that the most severe blow to�Iran's economy�and finances was delivered in�2012, when the European Union and a number of�countries adopted restrictive measures which were earlier slapped on�Iran by�the US.
"At the time, traditional buyers of�Iranian oil such as�India, China, South Korea, Turkey and Taiwan significantly reduced their oil imports from�Iran, while Singapore, Malaysia, South Africa and Sri Lanka completely abandoned the import of�Iranian oil by�2014," Sazhin told�Sputnik Iran.


"Back then,�Iran's oil exports decreased from�about 2.5 million barrels per day in�2011 to�1.1 million barrels per day in�2013. Since 2012, Tehran has "lost" more than�160 billion dollars in�oil revenues," Sazhin added.

He touted the "realistic and pragmatic policy" pursued by�Iranian President Hassan Rouhani, which finally led to�the conclusion of�the Joint Comprehensive Plan of�Action (JCPOA), stipulating�the lifting of�sanctions against�Iran. It helped Tehran to�start restoring its energy sector, according to�Sazhin.
"To implement the task, the Iranian side is engaged in�active and well-thought-out efforts. In particular, Tehran insisted on�restoring its pre-sanction oil sale market share after�lifting the sanctions that limited Iran's oil exports," Sazhin said.


He noted that Tehran isn't waiting for�high oil prices and seeks to�earn on�export volumes by�increasing oil production and its exports.
"After all, the range of�oil prices standing at�40-50 dollars per barrel is in�line with�Tehran's interests," Sazhin said, quoting international sources as�saying that the cost price of�Iranian oil is approaching five dollars per barrel.


He said that by�April 2018, oil production in�Iran is expected to�stand at�four million barrels per day, while by�2022, the figure will amount to�4.5 million barrels a day.
"It is worth noting that Tehran has restored both its quantitative and 'geographic share' in�the global oil market. According to�the country's Ministry of�Oil, 60 percent of�Iran's�oil exports�go to�Asia, and the remaining 40 percent�� to�European countries," Sazhin added.


He recalled that currently, Iran produces more than�3.8 million barrels per day. The country's oil exports now exceed 2.6 million barrels per day but�they are likely to�increase simultaneously with�the increase in�oil production.

"In the past�few years, Tehran has achieved a lot in�terms of�restoring its positions on�the world oil market in�order to�feel quite comfortable at�this price range of�about 50 dollars per barrel. So it is safe to�assume that Iran was able to�survive the most complicated period of�international sanctions, mainly those slapped on�Iran's oil sector," Sazhin concluded.