• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 50 mins Would bashing China solve all the problems of the United States
  • 1 hour Model 3 cheaper to buy than BMW 3 series.
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 17 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 41 mins Incompetent "Journalists"
  • 1 min Pompeo's Hong Kong
  • 5 hours Thugs in Trumpistan
  • 13 mins Can I Sue This Site for If People Post Inaccurate Information?
  • 19 hours Iran's first oil tanker has arrived near Venezuela
  • 20 hours Let’s Try This....
  • 23 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 11 hours 60 mph electric mopeds
  • 1 day HVDC Cheaper Than Low-carbon Natural Gas
  • 1 day Oil and Gas After COVID-19

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

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