Iran Oil Exports Hit 2.2m bpd

Iran’s oil exports reached 2.2 million barrels per day (bpd) in what could highlight a major progress in the country’s post-sanctions oil industry performance.

First Vice President Eshaq Jahangiri said the figure marked a rise of 900,000 bpd in the country’s oil production that had been materialized within only two months after the lifting of the sanctions.

Jahangiri told reporters:

“Until this past [Persian calendar month of] Bahman (January 21-February 19, 2015), Iran was able to sell 1.3 million bpd … but within two months after the removal of the sanctions, we have been able to export 2.2 million bpd of crude oil.”

Last Saturday, figures provided by Bloomberg showed that Iran’s oil production had climbed to 3.37 million bpd in January, the highest level since February 2014.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels.

Iran’s Oil Minister Bijan Zangeneh had repeatedly emphasized that the Islamic Republic was determined to regain its share of the oil market that it had lost as a result of the sanctions.

Zangeneh had also said on the same front that plans had been devised to increase the country’s oil production by 500,000 bpd immediately after the removal of the sanctions and by a further 500,000 bpd later on.

Last week, he emphasized in his message to the nation on the occasion of the new Iranian calendar year (began 21 March) that Iran has already been able to regain its lost oil market share.

(Source: Tasnim, under Creative Commons licence)

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