Iran Eyes 4mbd Oil Output by March 2017

Iranian Minister of Petroleum Bijan Zangeneh said the country has planned to raise its crude oil output to 4 million barrels a day, from the current 3.2 mbd, by the end of the current Iranian calendar year which began on March 20و adding the country eyes to boost oil exports to 2.25mbd by then.

Addressing a conference on boosting domestic production in Tehran, Zangeneh said Iran has raised its crude oil exports since removal of the sanctions.

“Iran exported an average of 1.35 mbd during the first 10 months of the previous [fiscal] year (ended March 19), but exports are expected to cross 2 mbd in the period between February 20 and April 19 2016,” said the Iranian official on Tuesday evening.

He underlined increasing crude oil production and export as two sectors that can raise the country’s GDP, adding, “The general budget bill considers 2.25 mbd of crude oil exports for the current [fiscal] year, meaning that we will have to boost production by 4 mbd.”

Gas Output hits Record Highs

Zangeneh further said the country’s natural gas production set new records in the history of the industry during last year by registering 130 bcm of gas from a low of 88 bcm in the fiscal year1391.

Iran is planning to raise its natural gas output to over 160 bcm in the current year.

When the present administration took office in 2013, a maximum of 48% of the needed fuel for power plants was supplied by liquid fuels and fuel oil, while the percentage dropped to 18% in 2015 and is expected to fall to only 10% by March 2017, he added.

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