Iran Crude Oil Output Near 4 mbpd

EghtesadOnline: Iran’s daily crude output has exceeded 3.9 million barrels "for the first time after the sanctions removal" in early 2016, government spokesman, Mohammad Baqer Nobakht, said on Tuesday.

News ID: ۷۷۷۴۱۸

05 July 2017

“Iran's oil production has reached 3.901 million barrels per day,” Nobakht said in a news briefing on Tuesday, referring to monthly statistics for May 22-June 21, IRNA reported.

Under the sanctions regime, Iran's crude oil production plunged to 2.5 million barrels per day from nearly 4 million bpd and exports rose to just above 1 million barrels daily.

Nobakht added that natural gas output has reached 852 million cubic meters per day. The production of clean fossil fuel is slated to exceed 1 billion cubic meters a day in the present fiscal that ends in March 2018, according to Financial Tribune.

Nearly two-thirds of Iran's gas production come from South Pars, a large gas deposit in the Persian Gulf shared by Iran and Qatar. The field holds roughly 8% of the world’s gas reserves and approximately 18 billion barrels of condensates.

According to a BP Statistical Review report published in June 2016, Iran’s total gas output reached 192.5 billion cubic meters in 2015 (slightly more than 500,000 cubic meters per day), some 10.5 bcm more than its output in 2014.

The country had increased its annual gas output by 16 billion cubic meters in 2014.

On production of gas condensates, the senior government official said Iran is now producing over 690,000 barrels per day of the ultra light crude.

According to official data, exports amount to more than 2 million bpd of crude oil and some 600,000 bpd of condensates.

More than 90% of Iran’s crude are shipped from Kharg Oil Terminal, the country's largest crude loading facility located on an island by the same name in the Persian Gulf, 25 kilometers off the Iranian coast.