Gulf Oil and Gas accountACCOUNT

Iran to Raise Oil Output Based on Market Needs

Source: www.gulfoilandgas.com 1/3/2016, Location: Asia

A senior Iranian official says Iran will raise its oil production based on the market needs after the lifting of international sanctions expected later this month.

“We will produce [oil] as much as the market would take in,” the Iranian petroleum ministry’s official news agency Shana quoted Mohsen Qamsari, director for international affairs of National Iranian Oil Company (NIOC), as saying.

He said that Iran has the capacity to produce up to 1 mb/d in the short-term.

Iran is expected to add 500,000 b/d to its oil exports after the sanctions are lifted. It will continue to raise exports to 1 mb/d six months after.

Iran exported 2.3 mb/d-2.5 mb/d of oil before US and European sanctions targeting its energy sector cut the sales by half in 2012. Saudi Arabia, Russia and Iraq ramped up production to replace the Iranian oil.

Iranian officials have urged OPEC members to make room for Iranian oil when the country returns to the pre-sanction export levels.

Qamsari said the market wrongly imagines that Iran is not able to produce oil at this level.

“For presence in this market under the present circumstances, we have our own specific considerations,” he said. “We will try to enter the market so that the oil price decline would not be exacerbated.”

New oil customers
Qamsari also said that some new European companies are in talks with Iran for oil purchase after sanction relief.

An offshore oil platform in southern Iran
“We are in talks with them for removing some ambiguities…We hope to be able to finalize our talks with them before the sanctions are lifted,” he added.

Qamsari noted that Iran will accept to supply oil to new customers “in case they would help Iran boost its market share.”

China is expected to be Iran’s biggest oil client in the post-sanctions era.

Official figures released by China’s customs department show that the country increased its imports of crude oil from Iran by 45 percent in November 2015. The figures also show that Iran exported an average of about 500,000 barrels per day of oil to the country over the same period.

Production News in Iran >>

Russia >>  12/5/2018 - Today, an official ceremony was held at the Bovanenkovskoye field to celebrate the commissioning of the field’s third and final gas production facilit...
United Kingdom >>  12/4/2018 - Apache Corporation (APA) announced it has initiated production from its Garten development on Block 9/18a Area-W in the United Kingdom sector of the N...

Peru >>  12/3/2018 - Frontera Energy Corporation (FEC) ("Frontera") announces an update on Block 192 in Peru ("Block 192"). ...
Russia >>  11/30/2018 - Exillon Energy plc, a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ...

Iraq >>  11/29/2018 - Output from Iraq’s Basra Gas Company (BGC) is expected to reach 1,050 million standard cubic feet per day (mcf/d) by the end of 2018, an increase of 1...
Brazil >>  11/27/2018 - Petroleo Brasileiro SA - Petrobras informs that in October its total production of oil and gas, including natural gas liquids (NGL), was 2.66 million ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.