Tag Archives | oil production

Iran to Drill 500 new Oil Wells in 5 Years

By John Lee. Iran expects its oil production to reach 4 million barrels per day by mid-April, and plans to drill 500 new wells over the next five years to raise output to 4.7 million bpd, a senior oil official said on Saturday. Iran’s daily output in January was close to 3.9 million barrels. “We […]

Oil Production Approaching 4m bpd

By John Lee. The deputy head of the National Iranian Oil Company (NIOC), Gholam-Reza Manouchehri, has announced that the country is now producing 3.9 million barrels of oil per day. Regarding the awarding of contracts for the second phases of the Yadavaran and North Azadegan oil fields to the Chinese companies, Manouchehri told reporters: “Anyhow, […]

Iran’s Oil Output up over 18% in 9 Months

The US Energy Agency (EIA) said Iran’s oil production surged by more than 18 percent in the first nine months of the current year. In a recent report on Sunday, the EIA said Iran’s oil production increased by 18.8 percent in 2016, reaching 3.92 million barrels per day (mb/d). It added that the country’s oil […]

Why OPEC deal is a Double-Edged Sword for Iran

By Dr. David Ramin Jalilvand for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Organization of Petroleum Exporting Countries finally agreed to cut oil production at its Nov. 30 meeting in Vienna. The decision was preceded by months of intense negotiations against the backdrop of […]

Iran, Iraq asked to Freeze Oil Output at Current Levels

By John Lee. Qatar’s Energy Minister has reportedly said that Iran and Iraq are being asked to freeze oil output at current levels, as part of a wider deal to restrain production. According to ArabianBusiness.com, Mohammed Al Sada told reporters: “We are discussing with both countries on that and we are looking at various ways and […]

Iran “Heartened” at Increased Crude Production

Increasing its crude oil production capacity mainly from Western Karoun joint oilfields, Iran has been heartened and reassured as far as the country’s status in OPEC is concerned. Talking in the verge of the official opening of the three development plans of North Azadegan, Yadavaran and Yaran, Gholam-Reza Manouchehri the deputy head of National Iranian […]

Iran Inaugurates Three Joint Oilfields in Khouzestan

Iran has launched first phase production at three fields in its oil-rich Khouzestan province which bring its total crude output to 300’000 barrels per day. Production from Yadavaran, North Yaran and North Azadegan were inaugurated in an official ceremony attended by President Hassan Rouhani. Iran had awarded Yadavaran to China’s Sinopec through a contract worth […]

Why OPEC still can’t get Iran to cut oil production

By David Ramin Jalilvand, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. OPEC members have in recent months repeatedly met to discuss production cuts. The cartel’s members are suffering from the dramatic decline in oil prices over the past two years, which has seen crude dropping […]

Iran Producing Nearly 4.5m bpd of Oil

Iran is producing around 4.5 million barrels per day (bpd) of crude less than a year after the removal of anti-Tehran sanctions, a report said. Iranian refineries are pumping out around 4.5 million barrels per day (bpd) of oil and ultra light oil condensate, according to the preliminary tanker schedule, Reuters reported. Iran exported 2.56 […]

Zangeneh not to Participate in Istanbul Talks

Iranian Oil Minister Bijan Namdar Zangeneh will not attend informal talks between OPEC and non-OPEC producers scheduled to be held in Turkey this week, a report said. The oil ministers of Iran and Iraq will not take part in the talks in Istanbul, Turkey, which is hosting the World Energy Congress, Reuters reported on Monday, […]