Tag Archives | oil production

Iran’s Oil Exports Doubled with JCPOA Implementation

Iranian President Hassan Rouhani highlighted the outcome of the July 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA), saying that the country’s oil exports have doubled since the deal took effect in January 2016. “The exports of crude oil and condensates have increased by at least two times […]

Iran Starts Pumping Oil from Azar Joint Oilfield

Iran on Tuesday, March 14, began pumping 15,000 barrels/day of crude oil from Azar Oilfield which it shares with Iraq. Early production from the field, located in the border city of Mehran, began in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh. Azar Oilfield development project is aimed at production […]

Iran’s Oil Output hits 3.8m bpd in February

The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil production reached a new record high of 3.8 million barrels per day in February. According to OPEC’s monthly report on Tuesday, the February figures showed Iran was producing about 36,100 barrels a day above its previous level, reaching 3.8 million barrels per day. Earlier […]

Oil Output to hit 4.15m bpd in 2022

By John Lee. According to a report from Bloomberg, the International Energy Agency (IEA) has predicted that Iran will increase its oil production capacity by 400,000 barrels per day (bpd) to reach 4.15 million bpd by 2022. The Paris-based agency also forecasts that neighbouring Iraq will retain its position as OPEC’s second-biggest producer, adding 700,000 […]

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 […]