TEHRAN- Oil production in Iran climbed by 110,000 barrels per day (bpd) to 3.23 million bpd in March, according to a Platts survey released late Monday.

The country’s oil output surged by 187,800 bpd in February.

Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market now that the sanctions are being lifted against the country. 

Western sanctions cut Iran’s oil output to 2.7 million bpd from 3.9 million bpd. 

Iranian Oil Minister Bijan Namdar Zanganeh has vowed to reclaim the country’s share of global crude oil exports within months of sanctions being lifted.

With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.  

MA