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 output, including gas condensate, stood at 4.170 mb/d in September, about 870,000 b/d more than September 2015.

Iran’s oil production in September was the highest since late 1980s, it further said.

Back in November, Iranian President Hassan Rouhani praised the success of the country’s oil industry to rapidly improve its conditions in the post-sanctions era in terms of output and exports.

The Oil Ministry made the most out of the atmosphere created by the coming into force of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and world powers, he said at the time.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached the agreement in July 2015.

It terminated all nuclear-related anti-Iran sanctions after coming into force in January this year.

Since then, Iran has managed to increase its oil production and in a short period of time raised its oil exports to levels that existed before sanctions were imposed on the country in 2011.

Iran’s exports of oil stood at 2.35 million bpd in 2011.  The sanctions restricted the country’s oil exports to around 1 million bpd among other economic bans – already described by analysts as the toughest the world has ever seen.

(Source: Tasnim, under Creative Commons licence)

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