Iranian Oil Exports Hit 1.8m bpd

Iran’s oil exports have risen to 1.8 million barrels per day (bpd) for the first time since 2012, Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi says.

“The rising trend of crude oil exports will continue” in the next Iranian year which begins on March 20, during which total production will rise to 4 million bpd, the Shana news agency quoted him as saying in Tehran Wednesday.

“To materialize future objectives of the National Iranian Oil Company in the oil sector, 2 billion barrels of oil must be produced a year,” he said.

Since the lifting of sanctions in January, Iran has been working to raise production by 1 million bpd on top of another million barrels which the country has already been producing.

As many as 29 vessels reportedly loaded crude from the country last month.

On Sunday, President Hassan Rouhani predicted Iran’s oil exports to hit 2 million bpd before the middle of the next Iranian year, roughly falling around the month of August.

Rouhani also said the country had added 400,000 bpd to its production since January. Javadi’s figure, as cited by the Ministry of Petroleum’s news agency, was twice that and it was not immediately clear how to reconcile them.

Iran’s oil industry is buoyed by Europe’s resumption of imports. France’s Total, Spain’s Cepsa and Russia’s Litasco have bought 4 million barrels since January.

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