• 3 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 8 hours British Utility Companies Brace For Major Reforms
  • 12 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 14 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 15 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 16 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 17 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 18 hours Rosneft Signs $400M Deal With Kurdistan
  • 20 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Iran To Reduce Exports To Below Pre-Sanctions Levels

Iran

Iran will be decreasing oil exports to 2.4 million barrels per day in the current fiscal year, according to a recent report by the Azeri news agency Trend.

The last month of the last fiscal year, which ended on March 21st, saw export levels touch 3.05 million barrels per day. The new goal will bring those heights to just below pre-sanctions levels.

Since the international community lifted sanctions against Iran’s oil sector in January 2016, the country has been rebuilding international market share. Fellow OPEC-member and regional rival Saudi Arabia took most of Tehran’s lost business, which caused a production war until November of last year. It was then that OPEC agreed to 1.2 million barrels from production.

A portion of Iran’s export growth over the past few months came not from production, but from the sale of oil and gas stored in floating tankers. On April 2nd, the Oil Ministry announced that all stored resources had been sold.

New data from OPEC suggests that Iran has been slow to make promised cuts in production. Iran’s production was up over 36,000 bpd in February to 3,814,000 bpd. The last time Iran produced this much oil was in October of 2008. But on March 14th, Oil Minister Bijan Zanganeh announced that Iran would cap production at 3.8 million bpd in the second half of 2017, as long as the OPEC production deal held.

Iran has been seeking more investment for its undeveloped gas and oil fields, some of the richest in the world. Last month, the country said production from the Azar oil field, which it shares with neighboring Iraq, had begun. Output is set at 15,000 bpd and is expected to double in the spring before reaching 65,000 bpd in March 2018.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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