A flurry of talks involving the US, Iran and European nations could revive the nuclear deal and lift sanctions that had more than halved Iranian oil production, though significant obstacles remain.
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Iran pumped as much as 4.8 million b/d of crude and condensate before the sanctions were reimposed in 2018, and S&P Global Platts Analytics expects an agreement could bring full sanctions relief by Q4 2021, which could see volumes ramp up 850,000 b/d by December to 3.55 million b/d, with further gains in 2022.
Read more about it: Sanctions relief for Iran would pressure rival heavy crude, condensate producers