Iran’s crude oil production in January reached 2.503 million barrels per day (bpd), registering a 21-percent increase compared to the figure for December 2021, according to OPEC’s latest monthly report.
Iran wants to pump more oil than it did before the Trump administration tightened sanctions, a top official said ahead of high-level nuclear talks whose outcome would directly impact the country’s energy-market ambitions.
Iran has started ramping up its oil production and expects to reach pre-sanctions levels in one to two months, Deputy Oil Minister Amir Hossein Zamaninia said.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with Opec on reducing oil output, the Russian president, Vladimir Putin, said, as oil prices come under renewed pressure from rising US supplies and a slowing global economy.
The leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday, rowing back on an earlier Trump tweet that appeared to suggest the Saudis had agreed to boost output by that amount.
Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, oil minister Bijan Zanganeh said.
Iran’s crude oil output (excluding condensates) reached 3.83 million barrels per day (mb/d) in the third quarter of 2017, compared to 3.81 mb/d in the second quarter of 2017, the US Energy Information Administration (EIA) said.
Iranian deputy oil ministry Hossein Zamani-Nia said Apr.16 that $50-80B worth of foreign investment is expected to be attracted to Iran’s energy projects, including $10B into the petrochemical sector in near future.
OPEC on Wednesday signaled a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made at the weekend.
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
