• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 4 hours ..
  • 35 mins New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 4 hours Summit: Kim, Putin To Meet Thursday in Russia’s Far East
  • 4 mins Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 12 hours Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 4 hours Iran Sabre Rattles Over the Straights of Hormuz
  • 20 hours Populist Surge Coming in Europe's May Election
  • 2 hours China To Promote Using Wind Energy To Power Heating
  • 3 hours Nothing Better than Li-Ion on the Horizon
  • 1 day Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
  • 6 hours "Undeniable" Shale Slowdown?
  • 14 mins Countries with the most oil and where they're selling it
Alt Text

BP Pulls Out Of China’s Shale Patch

Poor exploration results have led…

Alt Text

Can Big Oil Win Back The Younger Generations?

Big oil is struggling to…

Alt Text

Is This The End Of The OPEC Deal?

Oil prices dipped on Thursday…

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’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:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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