Iran will be able to pump more oil, but it will have to offer significant discounts for exports, Amit Mor, an energy expert from Israel, told Armenian News-NEWS.am.

Mor, the CEO of Israel-based consultancy Eco Energy Financial & Strategic Consulting, assumed that it is likely that Iran’s oil industry could deliver on the statement of the country’s oil minister Bijan Zanganeh, who recently told that the national oil output is likely to increase by 500 barrels per day immediately after sanctions are lifted, and by 1 million barrels per day, by the end of 2016.

“I think that the Iranians will manage to increase production by 500,000 barrels per day in several month time, and will be able to secure markets for their oil,” Amit Mor said. “As long as there is a glut in the market, they may need to offer significant discounts for their oil to penetrate markets.”

To remind, after the sanctions imposed by the European Union on the Iranian crude in 2012, Iran’s oil output shrank from 4 million barrels per day (2011) to 2.7 million (October 2015), while exports contracted from 2.2 to 1.1 million barrels per day.