• 22 hours Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 1 day BP To Invest $200 Million In Solar
  • 1 day Tesla Opens New Showroom In NYC
  • 1 day Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Alt Text

Adapt Or Die: Oil Majors In The New World

ExxonMobil is one of the…

Alt Text

The Coal Miners That Refuse To Resurface

Hundreds of Kazak coal miners…

Alt Text

Regulated Utilities Could See Big Changes

As regulated utilities continue to…

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

OPEC Winners: Iran Brags It Can Now Sell As Much Oil As It Wants

Bijan Zanganeh Iran

Iran is now able to sell as much oil as it wants and to any country it “deems appropriate”, the oil ministry’s news service Shana quoted Iranian President Hassan Rouhani as saying on Tuesday, less than a week after Iran was not only exempt from OPEC’s cuts but was also allowed to ramp up production to 3.797 million barrels per day.

OPEC’s detailed planned production levels and reference output levels for cuts place Iran’s output effective January 2017 at 3.797 million bpd, and despite the discrepancy with the reference level figure, these 3.797 million bpd are higher than Iran’s October output of 3.69 million bpd as reported by OPEC secondary sources. No other OPEC producer has been allowed to increase output (with Libya and Nigeria exempt due to civil unrest and militant violence, respectively).

OPEC figures also put Iran’s output for the first quarter of this year at 3.096 million bpd, the quarter in which western sanctions on Iran were lifted in January.

Following the lifting of the sanctions, the U.S. Energy Information Administration (EIA) said back in January that it expected Iran’s crude oil production to reach 3.3 million bpd at the end of 2016 and 3.7 million bpd at the end of 2017, with a subjective uncertainty range of +/- 250,000 bpd for these year-end projections.

Iran has been pumping more and has been steadily increasing output, and has argued that it deserves to be allowed to reach pre-sanction levels, but the Islamic Republic was not officially cleared to reach the coveted 4-million-bpd mark. Still, the fact that it’s the only one allowed to increase output while the Saudis shoulder most of the cutting points to how much Iran’s bitter rival Saudi Arabia has been feeling the oil price crash.

Iran is also factoring in oil at US$50 in its budget for the new fiscal year starting in March, compared to the previous budget which used US$40, according to the budget draft Rouhani submitted in Parliament on Sunday.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Joe Smith on December 06 2016 said:
    Let Iran think that. The fact that they are bragging is so funny. They are going to have their ability to sell oil taken away when the sanctions get slapped back on them. Ha Ha Ha....
    Now who is bragging????
  • Tommy MK on December 07 2016 said:
    Happy to hear. Its time Saudi Arabia starts feeling the burn. They've been using oil money to sponsor terrorism for too long. Hopefully Iran starts using the extra oil money to integrate with the rest of the world.

Leave a comment




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