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.

Related Articles

Enel pledges to invest €560mn in Romania within three years

Italian Enel Group will invest about €565mn in Romania in 2018-2020 to upgrade its electricity distribution infrastructure, Enel Group infrastructure and network manager Liviu Gallo stated in an ... more

Profits slump at sole Macedonian refinery OKTA

Macedonia's sole oil refinery OKTA posted 51% y/y lower net profit in the first nine months of the year of MKD132.5mn (€2.1mn), despite its higher revenues, the company said on November ... more

Saudi Arabia mulls investments in Turkmen oil and gas

Saudi Arabia's Energy Minister Khalid al-Falih said on November 8  that "there are areas of investment for leading companies in Saudi Arabia in Turkmenistan." ... ... more

Dismiss