BAKU, Azerbaijan, Dec. 16
By Elnur Baghishov – Trend:
The increase of crude oil extraction is the right of Iran, Iranian oil minister Bijan Zanganeh told journalists, Trend reports citing Shana news agency.
According to him, Iran does not get permission from anyone to increase oil extraction.
“I think that OPEC has the necessary commitment to maintaining oil prices, and a mechanism has been developed for this,” the minister added.
Zanganeh noted that according to Iran's budget projections for the next Iranian year (from March 21, 2021, to March 21, 2022), daily 2.3 million barrels of crude oil and gas condensate will be exported.
The minister emphasized that this volume of oil can be exported if the US sanctions against Iran are lifted and oil wells, which have been declining as a result of the sanctions, are restored.
Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.
The US has imposed new sanctions on Iran since November 2018, and sanctions have been steadily increasing. Therefore, Iran prefers to not disclose any information on oil production and sales.
As reported, Iran has been selling 600,000-700,000 barrels of crude oil per day since the beginning of the current Iranian year (March 20, 2020).