Azernews.Az

Iran's oil production will decrease by 430,000 barrels per day (bpd) to 2.55 million bpd in 2013 and will remain at this level in 2014, analysts at the U.S. bank JP Morgan predict, Trend news agency reported.

In 2012, according to the analysts' estimates, oil production in the country stood at 2.98 million bpd with 2.6 million bpd in the fourth quarter of the last year.

According to the analysts' forecasts, Iranian production will stand at 2.55 million bpd in the all quarters of 2013 and 2014.

According to BP, the proven oil reserves in Iran amounted to 151.2 billion barrels in early 2012, which is 9.1 percent share of total world oil reserves.

Oil production in Iran, according to BP, amounted to 4.321 million barrels per day in 2011.

U.S. Energy Information Administration (EIA) reported earlier that Iran's oil export dropped from 2.2 million bpd in 2011 to around one million bpd in 2012.

Iran's oil export reportedly has dropped significantly after western sanctions on Iran's oil export. The EU, which had bought 18 percent of Iran's oil in 2011, halted purchasing crude oil from Iran. China, Japan, South Korea, India and Turkey as Iran's major oil importers have decreased Iranian crude oil from 15 percent to above 40 percent during 2012.

According to Deputy Oil Minister Mohsen Khojaste-Mehr, by the end of the Fifth Five-Year Economic ‎Development Plan ‎‎(March ‎‎2016), Iran's oil production capacity would reach 5.6 million ‎bpd.