If restrictions on Iranian oil are lifted, Tehran will supply just over a million barrels to the world market, Mikhail Ulyanov, Permanent Representative of Russia to International Organizations in Vienna, said during a briefing organized at the site of the Russia Today international media group.

Report quotes him as saying that according to him, if the sanctions imposed by the US against Iran are lifted, it will probably be necessary next year to try to somewhat modernize their oil industry, which, as a result of the sanctions, has not come to the best condition. Then, according to estimates, after some time Iran will be able to produce not 2.5 million, but 3.9 million – this is the maximum, according to experts.

“This means that an additional million, one million and a few barrels of oil will enter the world market – this is a little more than 1% of world production,” he said.