• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 6 hours Indonesia Stands Up to China. Will Japan Help?
  • 3 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 10 hours Shale Oil Fiasco
  • 24 hours Might be Time for NG Producers to Find New Career
  • 10 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 7 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 17 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 day Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 21 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
Alt Text

Bringing Transparency To China's Opaque Oil Market

Technological developments are improving market…

Alt Text

Oil Glut Overshadows Geopolitical Risk In 2020

In its latest report, the…

Alt Text

Oil Is The Only Way Back Up For Venezuela

Venezuela’s economic and humanitarian crisis…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iran To Raise Oil Output At Oil Field It Shares With Saudi Arabia

The Iranian Offshore Oil Company will increase production at the Foroozan oil field, which Iran shares with Saudi Arabia, by 12,000 barrels daily, the company’s executive director told Iranian media, adding that it will install two platforms at the field soon.

Iran has 11 percent of the field—which Saudi Arabia calls Marjan—whose reserves are estimated at 2.3 billion barrels. Besides it, Iran and Saudi Arabia also share another two fields in the Persian Gulf, Lulu and Dorra, respectively Esfandiyar and Arash on the Iranian side.

The ramp-up is part of Iran’s efforts to boost its crude oil and natural gas production as soon as possible, challenging the market shares of other OPEC producers in the region, most notably Saudi Arabia. Still, the country is cutting exports after it cleared out what was in storage before economic sanctions were removed and the market share challenge may subside.

Iran’s crude oil exports in May are expected to come in at 1.66 million bpd, and nearly 100,000 bpd will be put back into storage on tankers. For April, Iran is seen exporting 1.8 million bpd of crude oil and around 370,000 bpd of condensate. This compares to exports of crude and condensate combined of almost 2.9 million bpd in February, which marked a six-year high, Reuters data show. Related: Russia Exceeds Assigned Quota For Production Cut

At the same time, Tehran has indicated that it is on board with an extension of the production cut agreement OPEC struck at the end of last year, which exempted Iran from the cuts provided it didn’t produce more than 3.8 million barrels of oil daily.

The country’s production capacity currently stands at 4 million barrels, according to Oil Minister Bijan Zanganeh’s deputy, Rokneddin Javadi, but plans are to expand this to 5.7 million bpd with the help of foreign oil companies. The first contracts with such companies, under the new International Petroleum Contract template, are expected to be signed by the end of May.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • John Scior on May 04 2017 said:
    Sounds like somebody has a straw that can reach alllllllll the way across the room and drink somebody else's milkshake. Drainage Eli. Isn't this this kind of thing that started the first War against Saddam in the early 1990's.

Leave a comment




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