Baku, Azerbaijan, Feb. 9
By Emil Ilgar – Trend:
Iran estimates to receive some $40-50 billion worth of oil revenues for the next fiscal year, Oil Minister Bijan Namdar Zanganeh said during an interview with state TV, IRIB.
He said that despite the competition, Iran has increased oil output by one million barrels per day (mb/d) in 2016.
According to OPEC’s statistics, Iran increased crude oil production from 2.838 mb/d in 2015 in average to 3.720 mb/d in December 2016.
Before Iran got hit with sanctions in 2012, the country was exporting the current level of 2.2 mb/d of crude oil, but it plunged to about 1 mb/d after sanctions.
Besides crude oil, Iran was exporting about 250,000 b/d of gas condensate, or ultra-light oil, before the sanctions era. The current export stands at above 400,000 b/d.
OPEC has decided to decrease the oil output by 1.2 mb/d to 32.5 mb/d during the first half of 2017, but Iran was exempted and allowed to increase its output to 3.797 mb/d.
Currently the oil price stands at about $57/barrel of Brent benchmark, while the figure was below $30 during last January.
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