Publishe Date: 6:34 PM - 4/18/2014 | Print

Iran crude oil exports soar to 1.2mn bpd: Official

Economy - Iran has raised its crude oil exports to 1.2 million barrels per day (bpd), up from 700,000 last year, as US-led sanctions have relatively eased against Tehran, an Iranian deputy oil minister says.

Mansour Moazzami said on Friday that Iran’s crude oil exports stood at 700,000 bpd when President Hassan Rouhani took office in August 2013.

“The volume of crude oil and gas condensate exports has doubled,” he said, adding that Iran is currently exporting 1.4 million bpd of crude oil and gas condensate.

Moazzami said Iran earned USD 10 billion more than envisaged in the annual budget law for the last calendar year, which ended on March 20.

The official also stated that Iran’s gas production is expected to increase by 80 to 100 million cubic meters (mcm) per day in the current calendar year.

The International Energy Agency (IEA) said recently that Iran’s crude oil exports in February soared to 1.65 million barrels per day (bpd), the highest since the West slapped sanctions on Tehran in June 2012.

In its monthly report released on April 11, the IEA said Iran’s February oil exports were up 240,000 bpd month-on-month, a development stemming from Iran’s nuclear deal with six world powers.

On April 9, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) announced that the Vienna-based energy organization plans to provide additional crude production capacity for Iran.

Abdalla el-Badri said OPEC expects gradual increases from Iran and Iraq, while Libya could also enhance its oil production by as much as one million barrels within a month.

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