Iran says oil exports rose by 30%

Iran said on Tuesday that its oil exports had increased by 30 percent last month. The country’s Oil Minister Bijan Zangeneh has been quoted by the media as saying that exports increased to 1.75 million barrels per day (bpd) during the Iranian month of Bahman, which runs from January 21 to February 19.

Iran says oil exports rose by 30%
“This represents an increase of 400,000 bpd compared to the same period last year,” Zangeneh said, as reported by Reuters.
The production also included gas condensates.
Iran, which has the world’s second largest crude reserves, currently produces about 2.8 million bpd, but output during month of Bahman rose off the additional exports to 3.2 million bpd.
Zangeneh had previously emphasized that Iran will increase its oil production by 500,000 bpd as soon as the sanctions against the country are lifted.
The sanctions were lifted in January as a nuclear deal that Iran had sealed with the 5+1 group last summer was implemented.
In mid-February, the country announced that it had come close to the post-sanctions target producing ceiling that Zanganeh had set.
At the same time, the National Iranian Oil Company (NIOC) said it had loaded around 7 million barrels of oil in tankers that were sailing toward European as well as certain traditional oil clients

Posted by on March 2, 2016. Filed under World. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.