Iran’s oil output stands at 4.3 mb/d – IEA

Business Materials 26 April 2017 11:47 (UTC +04:00)

Baku, Azerbaijan, Apr.26
By Dalga Khatinoglu – Trend:

Iran’s crude oil and gas condensate output reached 4.3 million barrels per day (mb/d) in January 2017, about 1 mb/d more than in December 2016, the US Energy Information Administration said in a report on Apr.25.

The report says Iran’s oil and gas condensate production in January 2016 was 3.35 mb/d.

The report didn’t elaborate the volume of crude oil and gas condensate production separately, but according to OPEC’s statistics, Iran’s crude oil output was about 3.79 mb/d in January 2017.

The country’s oil and gas condensate output was 4.054 mb/d in 2011, before the West imposed sanctions on Iran, but decreased to 3.113 mb/d in 2013, when Hassan Rouhani took office. During Rouhani’s presidency Iran’s gas condensate production almost doubled due to commencing new phases in South Pars. Currently the level stands at 560,000 b/d.

However, the country had to shut down some of oil fields during 2012-2015 due to halving oil export volume. Iran has resumed oil production from those fields since January 2016 gradually, when sanctions was removed.

During last year, the country’s average oil and gas condensate production volume stood at 4.068 mb/d, EIA’s statistics indicate.

Iran announced Apr.24 that it exported 780 million barrels (2.137 mb/d) of cude oil during the last fiscal year (ended Mar.20), which indicates a 80-percent increase year-on-year.

Iran’s oil export up by 80%

Iran’s oil export up by 80%

Its gas condensate exports also reached 206 million barrels (582,000 b/d) during the mentioned period, which indicates 45 percent growth year-on-year.

Iran also announced Apr.24 that it had sold all of its 52 million barrels (142,465 b/d) stored gas condensate stockpile during last fiscal year. The country’s total domestic gas condensate demand was also 160,000 b/d.