• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 13 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 16 hours Iran Is Winning Big In The Middle East
  • 3 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 4 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 17 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 16 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 1 day Trump cancels Denmark visit amid spat over sale of Greenland
  • 1 day OPEC will consider all options. What options do they have ?
  • 13 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 10 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 16 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Hedge Funds Turn Their Back On Oil

Oil markets took a turn…

Alt Text

Will Shale Rise From The Dead?

The shale oil business is…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

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


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play