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Iran’s daily oil loading capacity hits 7 million barrels record

Business Materials 27 April 2015 17:08 (UTC +04:00)

Tehran, Iran, Apr. 27

By Mehdi Sepahvand - Trend:

Iran registered the record number of 7 million barrels of daily oil loading capacity on April 26.

Iran Oil Terminals Company CEO Pirouz Mousavi said that eight docks at Khark Island were active on the day and the plan to export 7 million barrels of oil per day was realized after 10 years, SHANA news agency reported April 27.

He said that the number comes as the ceiling capacity defined for OPEC members.

"Prior to this, the Iran Oil Terminals Company had registered 6 million barrels per day and now it has improved that record," he said.

He added that in the past 10 years Iran has been unable to increase its oil export due to the lack of new, well-performing facilities. "But now, we tapped domestic sources and managed to hit this record," he said.

Before the western sanctions were imposed on Iran in mid-2012, the country was producing about 3.7 million barrels per day (mb/d) of crude oil, of which around 2.2 mb/d was being exported.

Currently Iran produces and exports 2.8 mb/d and 1.1 mb/d of crude oil respectively.

"Iran's crude oil production will begin rising later this year and into next year. We expect it to grow on an annual average basis by 120,000 b/d in 2015, 300,000 b/d in 2016 and by a further 250,000 b/d in 2017," Homayoun Falakshahi, Middle East analyst for Wood Mackenzie's Upstream research service has told Trend.

Edited by CN

Mehdi Sepahvand is Trend Agency's journalist in Iran, follow him on Twitter: @mehdisepahvand

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