Iran: Oil production to hit 3.6mn bpd

Iranian Oil Minister Bijan Zanganeh has said Iran expects to raise oil output by 500,000 bpd as soon as sanctions are lifted and by a million bpd within months.

A recent report issued by the International Energy Agency (IEA) revealed that Iran’s oil production levels could rise by as much as 730,000bpd in the coming months.

“While significantly higher production is unlikely before next year, oil held in floating storage – at the highest level since sanctions were tightened in mid-2012 – could start to reach international markets before then,” the IEA said in a monthly report.

Christopher Kelly and some other analysts expect Iran’s oil output could jump to 3.6mn barrels per day in the coming months as the removal of international sanctions paves the way for Iran’s reintroduction to the international oil and gas market place.

It’s worthy to mention that Iran has estimated recoverable oil reserves of 140 billion barrels.

y;line-height:15.0pt;background:white’>The Suez Canal is the fastest link between Asia and Europe and accounts for nearly 8 percent of global shipping trade.

 

> and restarting exports from the region’s two largest ports Es Sider and Ras Lanuf.

 

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