Iran’s oil output reaches 4.22 mb/d December 2016 - EIA
Baku, Azerbaijan, Mar. 29
By Dalga Khatinoglu – Trend:
Iran’s oil output (including gas condensate) reached 4.22 million barrels per day (mb/d) in December 2016, about 920,000 b/d more than the same month in the previous year, US Energy Information Administration said in a report released Mar.29.
According to the report, Iran’s average oil output stood at 3.991 mb/d in 2016, or 691,000 more than in 2015.
Iran and P5+1 Group (US, UK, France, Russia, China + Germany) reached a nuclear agreement, which was implemented in January 2016 and removed sanctions on Iran.
According to EIA, Tehran immediately increased oil production in 1Q16 by 650,000 b/t to 4 mb/d.
The report didn’t mention the crude oil and gas condensate output separately, but Iran has increased gas condensate output by 45 percent to 540,000 b/d since 2011.
Iran’s crude oil (excluding gas condensate) output decreased from about 3.7 mb/d in 2011 to around 2.8 mb/d in 2015.
Therefore, Iran’s gas condensate production increased significantly due to launching new phases in South Pars gas field.
Meanwhile, according to OPEC’s latest monthly report, Iran’s crude oil output stood at 3.814 mb/d in February 2017.