Iran's crude oil exports climb to 3mn bbl/day for first time since 1979 revolution

By bne IntelliNews March 9, 2017

Iran’s crude oil exports recently hit 3mn barrels a day for the first time since the 1979 Islamic Revolution, Petroleum Minister Bijan Namdar Zanganeh told state news agency IRNA on March 8.

The level lasted just one day during the current Iranian calendar month (began February 19).

The international sanctions imposed by the major powers on Iran prior to the 2015 nuclear deal took a huge toll on the Islamic Republic’s oil industry. But since the ending of economic restrictions in January last year, the industry has revived its output to near pre-sanctions levels of around 4mn bbl/d.

The government believes that if substantial foreign investment can be attracted, a level of 5mn bbl/day is viable by 2021. Prior to the Islamic Revolution, output exceeded 6mn bbl/day during the 1970s.

Last November, Iran was granted an exemption from output cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC), given the fact that it was still endeavouring to recover from sanctions.

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