28 Mar 2024
Friday 14 October 2016 - 13:48
Story Code : 235101

OPEC says Irans oil output at 3.6 mb/d



The Organization of the Petroleum Exporting Countries (OPEC) says Irans oil production has reached a new record high of 3.665 million barrels per day (mb/d).

OPEC in a monthly report said it had recorded Irans new oil production capacity for September.

The countrys production in August stood at 3.634 mb/d, the Organization added in its report as reported by Azernews.az.

Iran is presently OPECs third largest producer after Saudi Arabia and Iraq.

It has repeatedly announced that it plans to increase its oil production to as high as 4 mb/d that existed before US-led sanctions imposed against it in 2011.

The sanctions mainly prevented foreign investments in Irans oil industry that it needed for its oil production. They also restricted the countrys oil exports to around 1 mb/d.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels.

Irans Petroleum Minister Bijan Zangeneh had repeatedly emphasized that the Islamic Republic was determined to regain its share of the oil market that it had lost as a result of the sanctions within a short period of time.

Iranian oil sales have nearly doubled since sanctions were lifted on its oil exports in January 2016. In fact, Iran is recovering market share faster than many experts had expected, Azernews.az added in its report.

In early June, Reuters reported a rapid surge in Irans oil exports which in itself indicated a rise in the countrys oil production. Reuters said shipping data showed the countrys oil exports were close to pre-sanctions level of 2.5 million barrels per day, stressing that it had been able to improve its exports capabilities at a much faster pace than anticipated.

By Press TV

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