Iran to boost oil production by 90,000 bpd

January 22, The Iran Project – Iran is approaching an increase of 90.000 barrels of oil production according to the OPEC agreement, said Deputy Head of NIOC for Development and Engineering Affairs on Sunday.

Speaking about the news released about Iran’s 3.9 million bpd oil production which nears surpassing the 3.8 million bpd limit set by the recently negotiated OPEC deal, Gholamreza Manouchehri noted that there are some differences between Iran and OPEC statistics.

He further explained that we have still the opportunity to increase the amount of oil production, adding Iran’s average oil production in 6 months should be according to the limit set in the OPEC deal.

On November 30, the 171st (Ordinary) OPEC meeting was held in Vienna, Austria, at which the 14 member countries confirmed the decision to reduce production for the first time since 2008.

While the Organisation of Petroleum Exporting Countries (OPEC) agreed to cut production of oil in a bid to rescue tanking prices, Iran was allowed to increase production by 90,000 barrels per day to reach pre-sanction output levels of 4 million bpd – the only OPEC member to boost production under the deal.

Riyadh had previously insisted that Tehran join in any production cut, but a breakthrough was made during the meeting, with Iran reportedly playing up regional neighbourliness with Saudi Arabia.

Saudi Arabia, itself, agreed to cut its production by 486,000 bpd and pledged to produce 10 million barrels per day (mb/d) from January 2017.