Iran’s oil production beats 3.8m bpd: Zanganeh – Tehran Times

TEHRAN- Iran’s oil output surpassed 3.8 million barrels per day (bpd) in the third Iranian calendar month of Khordad (started May 21), the Iranian Oil Minister Bijan Namdar Zanganeh announced, Shana news agency reported on Tuesday.Presenting a report on his ministry’s operations and actions to the Iranian parliament, Zanganeh added that oil production has been doubled as of the Rouhani administration took office in summer of Iranian calendar year of 1392 (August 2013). “The country’s oil production stood at 2.7 million bpd in the first five month of 1392 (March 20 – August 19, 2013),” he underlined.According to him, production of gas condensates is presently around 600,000 bpd, which shows a rise from 380,000 bpd in 1392.“Iran’s exports of oil has been two-folded since the Iranian calendar month of Dey in the past year of 1394 (December 21, 2015-January 19, 2016), while the figure stood at 970,000 bpd in the first five months of 1992,” he said, “the country’s oil exports is presently two million bpd.”As he added, daily oil output of West Karoun oilfields (five oilfields in the western part of Iran’s southwestern region of Karoun, straddling borders with Iraq) was around 70,000 bpd when the incumbent administration took office, while the number currently hovers around 200,000 bpd and is planned to hit 260,000 bpd by the end of the current Iranian year of 1395 (end on March 20, 2017).Iran has looked to reclaim market share since nuclear sanctions were lifted in mid-January.  Western sanctions cut Iran’s oil output to 2.7 million barrels per day (bpd) from 3.9 million bpd. The sanctions barred foreign investments in the Iranian oil industry and also limited a low ceiling of 1 million bpd on the country’s oil exports.

Source: Iran’s oil production beats 3.8m bpd: Zanganeh – Tehran Times

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