Iran’s annual oil income forecasted to hit $28B

Business Materials 14 July 2015 16:00 (UTC +04:00)

Baku, Azerbaijan, July 14

By Fatih Karimov - Trend: Iran's annual oil income is forecasted to hit $28 billion in the current Iranian fiscal year, which began on March 21, Mohsen Qamsari, director of the international affairs department at National Iranian Oil Company, said.

"Although lifting of sanctions will lead to a rise in Iran's oil exports, prices will fall consequently. Therefore, Iran 's oil revenues will hit $28 billion in the best case, and $25 billion in the worst case," Iran 's IRNA news agency quoted Qamsari as saying July 14.

"During the years of sanctions, we managed to overhaul storage facilities and installations, and now we are ready to boost production and export," he said.

Western sanctions have cut Iran's oil exports by more than half to about 1.1 million bpd from a pre-2012 level of 2.5 million bpd. 

In April, Iranian Oil Minister Bijan Namdar Zanganeh said it would take just a few months for the country to increase its oil production to pre-sanction levels. Zanganeh has set an output target of 5.7 million bpd of crude oil by 2018.

He presented his 11 OPEC counterparts with a letter at their meeting last month saying they should prepare for Iran's return.

Edited by CN