• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 16 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 4 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 9 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 10 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 21 hours Saudi Fund Wants to Take Tesla Private?
  • 25 mins Starvation, horror in Venezuela
  • 3 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 14 hours Corporations Are Buying More Renewables Than Ever
Alt Text

A Major Setback Looms For Colorado Shale

November elections in Colorado are…

Alt Text

Libyan Oil Recovers, Exceeds 1 Million Bpd

Libya’s oil output has once…

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 Plans To Raise Crude Oil Production Capacity By 3 Million Bpd

Iran oil

Iran plans to lift its crude oil production capacity by 3 million bpd, Iranian oil ministry’s news service, Shana, reported on Monday, quoting a senior official as saying that the move was aimed at boosting the Islamic Republic’s footing in OPEC and the global market.

Speaking on the sidelines of an oil industry conference in Iran, Gholam-Reza Manouchehri, Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development, did not provide specific timeframe for Iran reaching that increase, which Platts is calculating at about an 80-percent capacity boost.

Iran, currently OPEC’s no. 3 biggest producer behind Saudi Arabia and Iraq, was allowed to slightly lift its production to up to 3.797 million bpd between January and June, while the two biggest, archrival Saudi Arabia, as well as Iraq, had to cut the most.

Since western sanctions on Iranian oil exports were lifted in January 2016, Tehran has tried to return to pre-sanction levels of output and exports, and used this bargaining chip to obtain an OPEC exemption from cuts.

According to OPEC data, Iran has largely stuck to its commitment for production in the three months to March, exceeding slightly its output in February and pumping below its quota in January and March.

According to an S&P Global Platts survey, Iran produced 3.77 million bpd of crude oil in April.

Nonetheless, Iran is looking beyond the OPEC deal, and has said that it wants to increase its production to 5 million bpd by 2021. Related: Tech Breakthroughs May Save Deepwater Oil

Iran needs a lot of foreign investments to achieve much higher production, but international oil companies continue to be cautious in signing deals with Iran and committing to investments in its oil industry.

According to Manouchehri, as reported by Shana, the NIOC has signed 24 memoranda of understanding (MoU) with domestic and international companies since January 2016.

The Iranian oil company is also considering signing US$80 billion worth of deals with domestic and international contractors over the next two years, Manouchehri said.

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