Speaking to the press after attending the 18th OPEC+ ministerial meeting

which was held online on Friday, Zanganeh said: “At this meeting, I announced that if the sanctions are lifted, Iranian oil will return to the market as soon as possible; This is our official decision.”

“I announced Iran’s position in the meeting and emphasized that any decision made in this meeting will not affect our plans. We will return to the market with at least an amount equal to the pre-sanctions level,” he added.

The official noted that some OPEC members are in disagreement regarding their assigned shares for the cuts in the coming months and discussions are ongoing to settle the issue.

The 181st meeting of the OPEC conference was chaired by Angola’s Minister of Mineral Resources and Petroleum Diamantino Pedro Azevedo.

In the Friday meeting OPEC paid tribute to Zanganeh for his long-lasting contribution to the organization and the oil market.

Iran has repeatedly stated that the country is ready to come back to the oil market with full force after the removal of the U.S. sanctions.

Earlier in June, the National Iranian Oil Company (NIOC) Deputy Director for Production Affairs Farrokh Alikhani said that the company has taken all the necessary measures and is ready for boosting oil output to the pre-sanctions level within a month.

“Precise weekly, monthly, and quarterly planning has been made to restore oil production to pre-sanctions level, and if sanctions are lifted, most of the country’s oil production will be restored within a month,” Alikhani said.

“The average daily production of Iranian oil before the re-imposition of sanctions was 3.38 million barrels per day, and the National Iranian Oil Company has planned to return to the pre-sanctions production in the first step if the sanctions are lifted, and in the next step to increase production capacity to more than four million barrels per day,” Alikhani explained.

The post Iran to return to oil market in shortest possible time post sanctions appeared first on Iran News Daily.

Speaking on the sidelines of the St. Petersburg International Economic Forum on June 3, Leonid Fedun said: “If sanctions are lifted, Iran will be able to offer up to 1.5 million barrels of oil per day to the market in the near time.”

Iran is a key factor for the Organization of Petroleum Exporting Countries (OPEC) and it is more important than the demand in the global oil market, the top manager said.

“Shortage may turn into surplus. That is why OPEC is so cautious in all its actions,” Fedun noted.

In late May, Iran’s Oil Minister Bijan Namdar Zanganeh had said Iran could “easily” boost its oil production capacity to 6.5 million bpd.

“We can easily reach 6.5 million barrels per day,” Zanganeh said at a ceremony to award studies on the country’s giant Azadegan oil field on May 31.

Zanganeh said Iran is ready to return to the oil market as soon as the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) is revived and the U.S. sanctions are lifted.

Iran is gradually boosting crude oil production to get ready for a strong comeback into the global market as the talks with world powers over the 2015 nuclear deal show signs of progress.

Earlier in May, officials from the National Iranian Oil Company (NIOC) had stated that the country’s oil fields are going through overhaul operations and connections with oil buyers are being re-established, according to a report by Bloomberg.

“In the most optimistic estimates, the country could return to pre-sanctions production levels of almost four million barrels a day in as little as three months,” the report said.

The post Post-sanction Iran able to boost oil output to 6m bpd appeared first on Iran News Daily.

According to a Bloomberg report, National Iranian Oil Company (NIOC) officials have stated that the country’s oil fields are going through overhaul operations and connections with oil buyers are being re-established.

“In the most optimistic estimates, the country could return to pre-sanctions production levels of almost four million barrels a day in as little as three months,” the report said.

Iran and other signatories of the 2015 nuclear deal, including the United States, are currently negotiating in Vienna and the two sides have signaled that an agreement is within reach.

If successful, the negotiations could reactivate the nuclear deal that Donald Trump withdrew the U.S. from in 2018. That would require the U.S to lift all the sanctions imposed by the former president.

Iran has been ramping up its oil production over the past few months following the recent developments in the White House and also the recovery of the global markets from the negative impacts of the coronavirus pandemic.

The increase in the production has been followed by a boost in exports so that in late April Reuters reported that Iranian crude oil exports in the mentioned month had remained above the level of exports during the same period in 2020.

Earlier this month, Iran’s First Vice-President Eshaq Jahangiri said the country was able to increase its oil exports up to 2.5 million barrels per day (bpd) once the U.S. sanctions are lifted.

“Oil sales have dropped a lot, but now the situation is better, and we are in control. We will be able to increase oil exports to 2.5 million barrels per day after the removal of the sanctions,” Jahangiri said.

The post Iran preparing for a strong comeback to oil market appeared first on Iran News Daily.

The post Iran Hitting Full Production at Azar Oilfield appeared first on Iran News Daily.

The post Iran to harness flare gas in Kharg Island appeared first on Iran News Daily.

The post West Karoun oil fields production fivefolded in past six years appeared first on Iran News Daily.

A ceremony was held in Tehran yesterday (Monday) to strike the deal in the presence of Oil Minister Bijan Zangeneh, the CEO of NIORDC Alireza Sadiqabadi, Reza Rahmani, Minister of Industry, Mine and Trade Reza Rahmani, Chairman of IMIDRO Khodada Gharibpour as well as the heads of the two refineries.

By signing this agreement, the Research Institute of Petroleum Industry (RIPI) will cooperate with IMIDRO to launch a coke production unit in the two refineries and the needle and sponge coke required by the steel industry of the country will be produced from low-sulfur fuel oil domestically.

The pilot plant of the unit will be built at RIPI, and with the signing of this MoU, industrial-scale coke units will be contracted in the refineries afterward.

This agreement is of great strategic value for Iran given the U.S. sanctions imposed on the import of pet coke to Iran.

There are at least four basic types of petroleum coke, namely, needle coke, honeycomb coke, sponge coke and shot coke. Different types of petroleum coke have different microstructures due to differences in operating variables and the nature of the feedstock. Significant differences are also to be observed in the properties of the different types of coke, particularly ash and volatile matter contents.

Addressing the ceremony, Zangeneh said the production of sponge and needle coke in the country needs one billion dollars of investment.

He added that it is expected the agreement to turn into a contract and the plan is carried out. The minister said in the past there was a problem in finance but the involvement of the Research Institute of Petroleum Industry in the project has solved the woe of necessary license for production of coke.

Zanganeh added that one of the programs of the ministry is to improve the quality of the outputs of refineries, adding that the ministry is determined to move from producing heavy products to lighter ones while around 6 to 7 million liters of feed is used for production of coke and in such a project, the output mazut from the refineries is decreasing.

He reiterated that the project needs over one billion dollars of investment.

Meanwhile Sadiqabadi, for his part, said that by the agreement which was signed for producing sponge and needle coke, about 620,000 tons of sponge and needle coke in which aluminum industry needs will be produced.

He added that the program for improving the quality and increasing the capacity of the refineries in the country is something that kicked off 18 years ago and necessary initiative plans and technologies regarding the projects were provided. Sadiqabadi further said because of those measures, refining capacity in the country soared from 1.6m barrels of oil per day to 2.3m barrels of crude oil and condensate per day.

He noted that the gasoline capacity of the country was 37m liters per day 18 years ago but it has currently enhanced to around 110m liters per day.

Sadiqabadi also said the amount of mazut production was then around 70m liters and today it has reached 120m liters per day.

The post Two Refineries Sign MoU on Sponge, Needle Coke Production appeared first on Iran News Daily.

TEHRAN (Iran News) – Close to $1.4 billion is expected to be invested in the development of two Iranian oilfields, said the CEO of the National Iranian South Oil Company (NISOC).

The post NISOC CEO: Investment in development of oilfields underway appeared first on Iran News Daily.

TEHRAN (Iran News) – Iran plans to expand exports of non-oil products to 15 countries, as approved by the country’s Supreme Council of Non-Oil Exports Promotion said a deputy minister.

The post Iran to expand non-oil exports appeared first on Iran News Daily.

TEHRAN (Iran News) – The operator of the Azar Joint Oil Field Development Project in western Iran said several sections of the central processing unit of the project were about to start early production, bringing the field’s output to the planned level.

The post Azar joint oil field yields soon appeared first on Iran News Daily.