News ID: 194944
Published: 0232 GMT June 17, 2017

Iran's oil output, exports rising

Iran's oil output, exports rising

Average crude output of Organization of the Petroleum Exporting Countries (OPEC) member states, including, Algeria, Angola, Ecuador, Nigeria, Libya, Qatar, Kuwait, Iraq, the UAE, Saudi Arabia and Iran amounted to 31,519,000 barrels per day in 2015, based on figures released by the organization.

Of this figure, Iran produced some 2,836,000 barrels ranking fourth after Saudi Arabia with 10,142,000, Iraq with 3,961,000 and the UAE with 2,906,000 bpd, ISNA wrote.

OPEC produced 32,486,000 barrels of oil per day in 2016. During this period, Iran stood third by pumping 3,518,000 barrels after Saudi Arabia and Iraq with 10,406,000 and 4,390,000 bpd respectively.

In March 2017, OPEC's output was 31,770,000 barrels of oil per day, of which 3,792,000 barrels pertained to Iran. Saudi Arabia with 9,905,000 and Iraq with 4,425,000 ranked first and second respectively.

The organization's oil production in April 2017 totaled 31,803,000 barrels per day.

Iran produced 3,791,000 of the total output taking the third place after Saudi Arabia with 9,938,000 barrels and Iraq with 4,379,000 barrels.

In May 2017, the figure reached 32,139,000 barrels per day, of which 3,795,000 barrels was Iran's share preceded by Saudi Arabia (9,940,000 barrels) and Iraq (4,424,000).

OPEC clinched a historic deal with Russia and other non-members last December to slash global production by nearly 1.8 million barrels per day for six months starting January.

OPEC — in what was its first production deal in eight years — exempted key member Iran from cutting output, allowing the country to increase its crude production by 90,000 bpd to attain the pre-sanction output production level of around four million bpd.

In May 2017, OPEC and non-members led by Russia decided to extend cuts in oil output by nine months to March 2018.

 

 

Latest export figures

 

Reports suggest that Iran's oil export to the West in May reached to the levels prior to the imposition of anti-Iran sanctions, the removal of which began in January 2016.

The lifting of the sanctions started after the P5+1 (the US, Britain, France, Russia, China plus Germany) and Iran clinched a nuclear deal in July 2015.

Many Asian states continued to buy oil from Iran during the sanction era while the Europeans stopped purchasing crude. Hence, Iran's exports were halved and dropped to below one million barrels per day.

Following the lifting of sanctions, the Islamic Republic attracted new oil customers and resumed ties with its partners.

   
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