US analysts predict rise in Iranian oil production by end 2015
Baku, Azerbaijan, April 1
By Aygun Badalova - Trend:
Analysts from the US JP Morgan bank predict Iranian oil production to rise to 3.1 million barrels per day in the fourth quarter of 2015 compared to the current 2.8 million bpd.
For 2016 analysts expect Iranian oil production at 3.2 million bpd.
The possible removal of Iranian sanctions unlocks far higher volumes of additional crude than assumed within analysts' balances, according to the JP Morgan's monthly oil market report, obtained by Trend.
"Iranian government cited an additional 1 million bpd of production-we assume 300,000 bpd starting in 4Q2015, rising to 500,000 bpd 1Q2016," the report said.
Iran and the group 5+1 (the US, UK, France, Russia, China, and Germany) are holding talks on Iran's nuclear program.
The sides have agreed to come to a comprehensive deal by July 1. Iran maintains that any deal would require the lifting on all sanctions on its economy.
Iran, which has 10 percent of the world's crude-oil reserves, has seen its production and export capacity sharply curtailed by sanctions.
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova