Iran to up oil export by 150,000 barrels/d

Tehran, Iran, October 2

By Mehdi Sepahvand –- Trend:

Iran is going to increase its oil export by 150,000 barrels per day in a few months, according to Director of International Affairs at the National Iranian Oil Company Mohsen Qamsari.

Right now Iran is exporting 2.2 mbpd of crude to international markets, Qamsari said, referring to Iran’s exemption from an international output freeze agreement, Mehr news agency reported October 2.

Iran’s crude export to European countries currently stands at 600 to 650 thousand bpd, he noted.

The first objective with Iran is to achieve a daily export of 2.35 million barrels, he underlined, admitting, however, that reaching an export of 2.5 mbpd is “difficult”.

Iran’s oil minister said September 30 that Saudi Arabia and Russia had agreed to decrease their outputs, and also agreed that Iran has the right to resume its oil to the pre-sanctions level.

Bijan Namdar Zanganeh said during a live speech from state TV, IRIB, said that overall, OPEC decided to decline the output ceiling, but the members didn’t set any quota for Iran’s oil output.

Iran claims that it has a 13 percent quota in OPEC’s total oil output, which stands at above 4.2 million barrels per day (mb/d).

Earlier, during the International Energy Forum (IEF) meeting in Algiers 26-28 of September, Zanganeh said that Iran should increase its production to at least 4 mb/d.

Iran’s output decreased to 1 mbpd under sanctions that lasted until January 2016. Iran accuses some countries of having seized its partial absence from the OPEC quota to produce beyond their agreed quotas.

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