Iran's crude oil output hits record

EghtesadOnline: The Iranian government spokesman announced an unprecedented record for crude oil output for the first time since the lifting of sanctions against Tehran.

News ID: ۷۴۲۵۰۵

04 July 2017

“Iran's crude oil output has surpassed 3.9 million barrels per day in June for the first time since the removal of international sanctions against the Islamic Republic in 2016,” the Iranian government spokesman Mohammad Bagher Nobakht said on Tuesday.

“It is an unprecedented record and this success is very promising after the difficulties in this regard,” ISNA quoted him as saying.

Meanwhile, Iranian oil minister Bijan Namdar Zanganeh previously stressed that Iran’s oil output will reach 4 million barrels by the end of the year.

Pointing to a $5 billion energy deal that was signed between Iran and France’s Total SA to develop the South Pars offshore field, Nobakht said: “The 20-year project was signed as a common investment”.

“The contract is so important because it is the first energy deal between foreign companies and Iran since the lifting of sanctions against Tehran. The deal fell the wall of sanctions and showed that the effects of the Joint Comprehensive Plan of Action (JCPOA) are emerging one after the other,” he added.