Iran’s oil and gas output to grow by 2018

Business Materials 2 May 2017 15:33 (UTC +04:00)

Baku, Azerbaijan, May 2

By Emil Ilgar – Trend:

Iran’s oil production increased from 2.92 million barrels per day (mb/d) in 2015 to 3.69 mb/d last year and expected to increase by 21,000 b/d in the current year and reach 4.06 mb/d in 2018, the International Monetary Fund reported.

Sanctions on Iran were removed in January 2016, which led to increasing exports volume and resuming oil production to the pre-sanctions level on Iran’s side.

Therefore, Iran’s oil production growth would be about 10% more in 2018, compared to 2016.

According to IMF’s estimations, Iran’s gas output increased by 10 percent during last year to 3.26 million barrels oil equivalent per day (mbOE/d) and the figure is expected to reach 3.39 mbOE/d in the current year, and 3.53 mbOE/d in 2018.

Therefore, Iran’s gas output would increase by 8 percent in 2018, compared to 2016.

According to Iran’s official statistics, the country’s gross gas output increased by 10.9 percent to 285 billion cubic meters last year, compared to 2015.

Iran’s oil exports also increased by 1 mb/d last year to 2.42 mb/d and the figure would increase to 2.5 mb/d in 2017 and 2.59 mb/d in 2018.

Iran’s says its oil output capacity stands at about 4 mb/d, while the actual production volume is 3.8 mb/d. Iran also produces 560,000 b/d of gas condensate.