2023-11-22 03:03:00
Iran expects its oil production increase to 3.6 million barrels per day (bpd) by the end of March 2024. Currently, it is around 3.3 million bpd according to Iran’s Oil Minister Javad Owji. In recent months the country signed six contracts to develop oil and gas fieldsproduction that must be stimulated if it wants to maintain high export levels.
These recent contracts include agreements to develop joint fields in the west of the Karun River, like Azadegan and Yaran. The total value of the contracts is 14.5 billion dollars, according to the minister. Owji expressed in early November that Iran’s oil production increased by 50% since the current administration took office two years ago.
Iran’s oil production was 2.2 million bpd in August 2021 and has now reached 3.3 million bpd. Production is expected to rise to 3.6 million bpd by the time the Iranian winter ends. In the summer, oil production and exports are estimated to will soar to the highest level since US sanctions were imposed in 2018.
The latest Monthly Oil Market Report (MOMR) from the Organization of the Petroleum Exporting Countries (OPEC) released on Thursday showed that Iran’s production in September rose to highest level in years despite sanctions. The country seeks to recover the levels prior to the penalties.
“Our objective is reach 4 million barrels per day of oil production for the next year,” the Tasnim news site quoted Owji as saying, referring to the next Iranian year that begins on March 20, 2024.
The numbers Increased Iranian oil exports stand out. However, these operations might come under pressure, as the United States signaled earlier this month that would toughen sanctions on the country’s oil industry in the midst of the conflict between Israel and Hamas, with the aim of reducing exports by more than 1 million bpd.
Iran increased its daily crude oil exports to around 1.5 million barrels this year, but an important part of the shipments belongs to oil stored in tankers and onshore facilities. According to specialists, these stocks decreased and If Iran wants to maintain the pace of exports, it will have to add production.
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