• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 1 min Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 mins The EU Loses The Principles On Which It Was Built
  • 4 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 18 hours California Solar Mandate Based on False Facts
  • 5 mins Crude Price going to $62.50
  • 9 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 4 hours Why hydrogen economics is does not work
  • 8 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 17 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 8 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 10 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 10 mins < sigh > $90 Oil Is A Very Real Possibility
  • 19 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
Alt Text

U.S. Oil Production Isn’t Growing As Fast As Expected

U.S. crude oil production continues…

Alt Text

Is This Europe’s Newest Oil & Gas Producer?

Portugal has a troubled oil…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Iran Looks To Ramp Up Production

Iran

Iran’s crude oil production is expected to grow to 4 million bpd by the end of the current Iranian year, March 20, 2018, the chief executive of the National Iranian Oil Company (NIOC), Ali Kardor, told Iran’s news agency Tasnim on Tuesday.

Iran is currently pumping over 3.8 million bpd of oil, the manager added. Exports of crude oil and gas condensates now exceed 2.6 million bpd, but are further expected to increase as the country plans to raise its output in the second half this year and in early 2018.

OPEC’s third-largest producer, Iran, is not reducing production under the OPEC output cut deal. The country has argued in the talks that it needed to restore the market share which it had lost to Western sanctions on its oil exports. Still, under the OPEC agreement, it is supposed to be keeping a cap on its output at just below 3.8 million bpd. Over the summer months, Iran produced just over 3.8 million bpd, according to OPEC’s secondary sources.

Earlier this month, NIOC’s Kardor said that Iran planned to increase its crude oil production to 4.5 million bpd by 2022, according to Iran’s oil ministry’s news service, Shana.

Iran’s crude oil exports are seen rising to 2.5 million bpd within five years, the manager noted.

The higher crude oil production is expected to come from a 420,000-bpd increase at the West Karoun oil field, and another 280,000-bpd rise in output from oil fields in central and southern Iran and offshore, according to Kardor. Related: The World’s Largest Offshore Oil Field Is Back In Action

Iran plans to increase its condensate production to reach 864,000 bpd within five years, Kardor said.  

Gas output is expected at 1.3 billion cubic meters per day in 2022, thanks to more production at South Pars, according to NIOC’s manager.

In early July, France’s energy major Total SA signed a contract to develop phase 11 of the South Pars gas field in Iran—the world’s biggest gas field—marking the first Iranian Petroleum Contract (IPC) with a Western major since most sanctions on Iran were lifted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News