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Iran’s oil export hits 1.8 mbpd

Oil&Gas Materials 9 March 2016 15:49
Iran’s oil export has reached 1.8 million barrels per day, CEO of the National Iranian Oil Company Roknoddin Javadi said
Iran’s oil export hits 1.8 mbpd

Tehran, Iran, March 9

By Mehdi Sepahvand - Trend:

Iran's oil export has reached 1.8 million barrels per day, CEO of the National Iranian Oil Company Roknoddin Javadi said.

The country's daily output should reach 4 mbpd next Iranian year (to start March 20), he said, stressing that Iran will continue to increase the export, SHANA news agency reported March 9.

This comes amid concerns over plunging oil prices and major exporters deciding to freeze their export boost.

Oil prices have risen by around 25 percent since Saudi Arabia, Qatar, Venezuela and non-OPEC exporter Russia said in mid-February they would leave supply at January's levels if there was enough support from other producers.

Iran says it will go on to boost export for it had been forced to shrink its OPEC share from 2.3 million barrels per day to 1 million barrels per day under sanctions. The sanctions were lifted in mid-January when Iran's nuclear deal with world powers was put into force.

The Iranian official went on to underline that an annual output of two billion barrels is needed for the country to carry along its plans.

According to Reuters, Iran is to export 1.65 million barrels per day of oil in February, 0.15 million barrels per day more than in January.

OPEC's crude output stands at 31.5 million barrels per day, about 1.5 million barrels per day more than official production ceiling. Iran accuses some members of seizing its partial absence to produce beyond their quota.

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