• 15 mins ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 5 hours Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 9 hours Saudis To Award Nuclear Power Contracts In December
  • 12 hours Shell Approves Its First North Sea Oil Project In Six Years
  • 13 hours China Unlikely To Maintain Record Oil Product Exports
  • 14 hours Australia Solar Power Additions Hit Record In 2017
  • 15 hours Morocco Prepares $4.6B Gas Project Tender
  • 18 hours Iranian Oil Tanker Sinks After Second Explosion
  • 3 days Russia To Discuss Possible Exit From OPEC Deal
  • 3 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
  • 3 days Kenya Cuts Share Of Oil Revenues To Local Communities
  • 3 days IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
  • 4 days Russia’s Lukoil May Sell 20% In Oil Trader Litasco
  • 4 days Falling Chinese Oil Imports Weigh On Prices
  • 4 days Shell Considers Buying Dutch Green Energy Supplier
  • 4 days Wind And Solar Prices Continue To Fall
  • 4 days Residents Flee After Nigeria Gas Company Pipeline Explodes
  • 4 days Venezuela To Pre-Mine Petro For Release In 6-Weeks
  • 5 days Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
  • 5 days Saudis Shortlist New York, London, Hong Kong For Aramco IPO
  • 5 days Rigid EU Rules Makes ICE Move 245 Oil Futures Contracts To U.S.
  • 5 days Norway Reports Record Gas Sales To Europe In 2017
  • 5 days Trump’s Plan Makes 65 Billion BOE Available For Drilling
  • 5 days PetroChina’s Biggest Refinery Doubles Russian Pipeline Oil Intake
  • 5 days NYC Sues Five Oil Majors For Contributing To Climate Change
  • 6 days Saudi Aramco Looks To Secure $6B In Cheap Loans Before IPO
  • 6 days Shell Sells Stake In Iraqi Oil Field To Japan’s Itochu
  • 6 days Iranian Oil Tanker Explodes, Could Continue To Burn For A Month
  • 6 days Florida Gets An Oil Drilling Pass
  • 6 days Oil Prices Rise After API Reports Staggering Crude Oil Draw
  • 6 days Tesla Begins Mass Production Of Solar Shingles
  • 7 days EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd
  • 7 days Businessman Seeks Sale Of $5.2B Stake In Kazakhstan Oil Field
  • 7 days Exxon Accuses California Of Climate Change Hypocrisy
  • 7 days Norway’s Recovering Oil Industry Resumes Hiring
  • 7 days $2.3 Million Seized Following Singapore Oil Heist
  • 7 days China Nears 2016 Carbon Emissions Target
  • 7 days Oil Companies Respond Slow To New U.S. Lease Plan
  • 7 days Maduro To Issue First 100 Million Petros Despite Skeptics
  • 8 days Iraq Bans Kurdish Firm From Operating Kirkuk Oil Fields
Romania Poised To Ramp Up Gas Output

Romania Poised To Ramp Up Gas Output

Often overlooked, Romania has huge…

Azerbaijan: A Crucial Energy Hub

Azerbaijan: A Crucial Energy Hub

Its strategic location and its…

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

Iran’s Oil, Gas Revenues To Hit $41B In 2016/17

Oil field Middle East

Iran’s crude oil and condensate revenues are expected to reach US$41 billion in the country’s current fiscal year ending on 20 March 2017, Oil Minister Bijan Zanganeh said on Monday.

Zanganeh described the current oil market conditions as ‘satisfactory’, Iranian media reported. For the first nine months of the current Iranian fiscal year, oil revenues reached US$24.7 billion, the minister noted.

Since Western sanctions against Iran were lifted a year ago, Tehran has been quickly ramping up crude oil production, aiming to reach pre-sanction levels. The right to reach pre-sanction levels was the Islamic Republic’s main bargaining chip while pleading for an exemption from the OPEC producers’ supply-cut deal.

Iran was given a leeway not to cut, while Saudi Arabia and its main Gulf Arab allies agreed to shoulder most of the production cuts. Iran’s production was set at 3.797 million bpd as per the deal, below Tehran’s ask for being allowed to reach 4 million bpd, but above Saudi Arabia’s insistence on Iran capping at 3.7 million bpd.

A day after the production deal was sealed, Iran’s oil ministry’s news service Shana quoted minister Zanganeh as saying that Iran expected to add US$10 billion to its oil income as of this year.

Related: Five Energy Predictions For 2017

Increased oil production and exports are expected to take Iran out of the recession that it was in in 2015/16 and lead to 6.6 percent growth in real GDP in 2016/17, the International Monetary Fund (IMF) said in an end-of-mission statement last month.

Since the lifting of the sanctions, Iran has been eager not only to increase production to previous levels, but also to lure international oil companies back to developing the country’s vast oil and gas fields.

Earlier this month, the National Iranian Oil Company issued a list of 29 companies that have qualified for bidding in oil and gas tenders, of whom only one is a U.S. player: Schlumberger. The biggest European producers including Shell, Eni, Total, and OMV, have all qualified, but BP has pulled out from the race because of worry that relations between Iran and the U.S. will get heated once Donald Trump takes office, according to the Financial Times.

By Tsvetana Paraskova 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