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Iran expected to gradually rise oil production

Business Materials 23 January 2016 10:12 (UTC +04:00)
Iran’s oil production will average 3.2 million barrels per day in 2016 and 3.5 million barrels per day in 2017, according to the forecasts of the US JP Morgan bank’s analysts.
Iran expected to gradually rise oil production

Baku, Azerbaijan, Jan. 22

By Aygun Badalova - Trend:

Iran's oil production will average 3.2 million barrels per day in 2016 and 3.5 million barrels per day in 2017, according to the forecasts of the US JP Morgan bank's analysts.

In 2015 analysts estimate the country's oil production at 2.8 million barrels per day.

In the first quarter of 2016 analysts forecast oil production in Iran at 3 million barrels per day, in the next third quarters - at 3.2 million barrels per day.

The highest level of production will be reached in the fourth quarter of 2017, averaging 3.6 million barrels per day. In the first quarter the production is expected at 3.3 million barrels per day, in the second - at 3.4 million barrels per day, in the fourth - at 3.5 million barrels per day.

The international sanctions imposed on Iran with regard to its nuclear program have been removed as the Joint Comprehensive Plan of Action (JCPOA, aka nuclear deal) entered the implementation phase on Jan. 16.

Iranian officials have repeatedly announced that Tehran will increase its current oil export of one million barrels per day by 500,000 barrels as soon as sanctions are removed.

The figure is planed to rise by another 500,000 to two million barrels per day within a six month period at the next step.

Iran's current oil production is estimated to be around 2.8 million barrels per day (mbpd), of which about one million barrels are exported.

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