Iran anticipates its oil production to increase to 3.6 million barrels daily (bpd) by the end of the existing Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has actually stated.
The minister spoke about Iranian oil production throughout a check out by Iran’s President Ebrahim Raisi to the head office of the Ministry of Oil, Iranian media reported.
Iran has actually just recently signed 6 agreements for the advancement of oil and gas fields in the previous months, consisting of offers to establish joint fields in the west of Karun, such as Azadegan and Yaran. The overall worth of the agreements is $14.5 billion, according to the minister.
Previously this month, Owji stated that Iran’s oil production has actually leapt by 50% percent considering that the existing administration entered workplace 2 years earlier.
Iran’s oil production was 2.2 million bpd in August 2021 and has actually now increased to 3.3 million bpd. Output is more set to increase to 3.6 million bpd by the end of this winter season.
This summer season, Iran’s oil production and exports were approximated to have skyrocketed to the greatest level considering that the U.S. sanctions were enforced in 2018.
Some experts have actually associated Iran’s greater oil sales abroad in spite of the existing sanctions to the U.S. not aiming to secure down excessive on the exports as it aims to keep oil markets well provided.
Nevertheless, Iranian exports might come under pressure as the United States indicated previously this month that it would tighten up the sanctions on Iran’s oil market.
The U.S. will tighten up sanctions on Iran’s oil market in the middle of the Israel-Hamas dispute, intending to bring exports down by more than 1 million bpd, White Home energy security advisor Amos Hochstein informed Bloomberg.
” We are going to impose those sanctions,” Hochstein stated. “Those numbers will boil down.”
By Tsvetana Paraskova for Oilprice.com