Azernews.Az

Friday March 29 2024

Iranian oil output reaches 3.8 million barrels a day

2 June 2016 16:01 (UTC+04:00)
Iranian oil output reaches 3.8 million barrels a day

By Fatma Babayeva

Oil production of Iran reaches over 3.8 million barrels per day currently.

“Iran produces more than 3.8 million barrels per day and expects to achieve 4 million barrels,” said Iran’s Petroleum Minister Bijan Zanganeh to mass media in Vienna on June 1, reported Ria Novosti.

In the beginning of May, oil production in Iran amounted to 3.7 million barrels per day. Earlier, Rokneddin Javadi, Managing Director of National Iranian Oil Company said that Iran will be ready to join OPEC’s quota within one or two months of reaching pre-sanctions level of oil production and export.

The Islamic Republic will reach the pre-sanctions volume of oil production at 4 million barrels per day by July and to pre-sanctions export levels of 2.2 million barrels in one or two months or by the end of the summer, said Javadi.

Previously, Iran preferred to stay away from major oil producers meeting in Doha on April 17 as capping its oil production at the level of early 2016 did not fit with its target to bring up Iran’s oil exports and production to the pre-sanctions level.

Although Iran attends OPEC’s meeting in Vienna this time, it continues insisting on its right to increase oil output to pre-sanctions levels.

Zanganeh said that Tehran would not support any new collective output ceiling and wanted the debate to focus on individual country production quotas, reported Reuters on June 2.

Zanganeh insisted that Iran deserved a quota based on historic output levels, making up 14.5 percent of OPEC’s overall production.

OPEC ceased setting production quotas for individual members in 2011 and abandoned an output ceiling entirely in December 2015 by allowing its members to pump oil at will.

Iran's crude oil sales to Europe are expected to surpass 300,000 barrels per day once the all contracts that the Islamic Republic recently signed with international companies come into force.

According to the BP’s statistical review of world energy 2015, Iran holds 9.3 percent of the world’s total proven oil reserves and produced 4 percent of the world’s total oil output in 2014.

---

Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more