Iran is exporting 1.3 million barrels a day (bpd) of crude oil, and will be pumping 1.5 million barrels a day by the start of the next Iranian year on March 20, a vice-president was quoted as saying on Saturday.
Oil traders are closely watching the pace of Iran's return to the market after a nuclear deal with world powers relieved Iran of sanctions that had cut its oil exports by more than half from their pre-sanctions 2011 peak of around 3 million bpd.
"Today our oil exports have reached 1.3 million barrels a day, and by the end of the (Iranian) year will reach 1.5 million barrels a day," Vice-President Eshaq Jahangiri was quoted as saying by the Shana news agency.
"In the early parts of the next (Iranian) year, they will reach 2 million barrels a day: Iran must preserve its share of the global oil market," he added.
Some in the market fear that a ramp-up of Iranian exports could worsen a global oil glut that drove crude prices down to 12-year lows this week.
Iran is also trying to increase production of gas and refined products, particularly petrochemicals. Shana reported on Saturday that Iran had produced 35 million tonnes of petrochemical products in the nine months to December, of which 14.3 million tonnes were exported.Last updated: February 13 2016 02:13 PM
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Nomura CEO signals more job cuts in Europe to reverse losses
RBC eyes more private-equity dealings in 2019 to gain edge
Europe markets test investor nerves in roller coaster ride
Foxconn to begin assembling top-end Apple iPhones in India in 2019: Source
Japan factory output falls, sales slow as risks to economy rise
Nissan to make fewer cars in China as demand slows
UK finance watchdog makes less from fines after a bumper year
Japan stocks are a bargain, but there are few takers
US to extend sanctions waiver for Iraq to import Iranian gas