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Iran Ready to Raise Oil Output to 4.3 mb/d

Source: 9/7/2016, Location: Asia

Iran says it is ready to increase its oil output to levels that existed before the sanctions were imposed against the country.

Mohsen Ghamsari, the director for international affairs of the National Iranian Oil Company (NIOC), was quoted by the media as saying that Iran can increase its crude production based on market requirement.

Ghamsari said the Islamic Republic is currently producing a little over 3.8 million barrels per day (mb/d).

He added that the NIOC may raise its production capacity to 4.3 mb/d in the first quarter next year and eventually reach 5 mb/d in two to three years.

The official emphasized that the bulk of any new production by Iran will be heavy crude.

“We believe that the market is more in favor of heavier grades and that’s why we are going to introduce a new one,” Ghamsair was quoted as saying by Reuters.

Iran had been under multiple years of sanctions that limited its oil exports to 1 million barrels per day and also barred foreign investments in its oil industry.

The sanctions were lifted in mid-January with the implementation of a deal that the country had reached with the P5+1 – the five permanent members of the Security Council plus Germany – over its nuclear energy program.

Shortly after the removal of the sanctions, Iran increased its oil production by several hundred thousand barrels per day.

Reuters in a report in early June said port loading data showed that Iran had been able to increase its oil exports at a much faster pace than earlier anticipated.

The report further quoted traders as saying that said Iran’s oil exports are now close to pre-sanction levels of around 2.5 million barrels per day (bpd).

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