Iran: No plan to increase oil output
Baku, Azerbaijan, March 17
By Gazenfer Hamidov – Trend:
Iran has no plan to increase its crude oil output in 2018, Ali Kardor, managing director of the National Iranian Oil Company (NIOC), said.
Iran’s oil output in the next fiscal year (to start March 20, 2018) will not increase from the current level of 3.9 million barrels per day, Kardor said March 17, ISNA news agency reported.
He further said that Iran’s crude oil export averagely stands at 1.7-1.75 million barrels per day.
OPEC said in its latest monthly report released on March 16 that Iran has continued to decrease its oil output in February 2018 for the third straight month.
The country’s oil output has decreased by 4,400 barrels per day month-on-month to 3.813 million barrels per day in February 2018, according to the OPEC data.
Iran was exporting 2.5 mb/d of crude oil and gas condensate before sanctions were imposed in 2012, of which 18 percent was supplied to the EU.
After 2012, the EU cut Iran oil purchase and Asian countries had to decrease Iranian oil import gradually, which led to a decrease in Iranian oil and gas condensate export to 1.2 mb/d in 2015.
After elimination of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.
Iran’s crude oil and condensate exports currently stand at about 2.7 million barrels per day.