TEHRAN- Iran’s crude oil production rose by 5,000 barrels per day (bpd) to 3.6 million bpd in June 2016, compared to May 2016, according to a Reuters survey. Iran almost doubled its exports since early 2016, Market Realist reported on July 7.
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.
In the 169th (ordinary) OPEC meeting in Vienna on June 2, Iranian Oil Minister Bijan Namdar Zanganeh announced that the Islamic Republic plans to increase oil production to 4.8 million bpd in five years and return its pre-sanctions share of 14.5 percent in OPEC.
Before sanctions, Iran was exporting about 2.2 million bpd. July exports are expected to be around 2.1 million bpd, up about 70 percent year-on-year.
The country is seeking to attract almost $200 billion of western investment to boost production by at least 600,000 bpd within five years.
On July 2nd, the oil ministry released the list of eight permitted local partners to take western energy companies into partnership for the implementation of joint exploration and production (E&P) projects in Iran.
By Tehran Times