oil output Archives - Iran News Daily

Iran’s Oil Output Rises by 60%: Oil Minister

mahla — Fri, 28 Jun 2024 16:59:19 +0000

TEHRAN (Iran News) –Speaking to reporters on the sidelines of a weekly cabinet meeting on Wednesday, Javad Owji said, “Today I provided a comprehensive report to the Cabinet about the oil production and exports even though these reports are sent to the high-ranking officials of the country every month including Leader of the Islamic Revolution, heads of the three branches of the government and some chairmen of the specialized committees of the Parliament.”

He went on to say that the oil production volume stood at 2.290 million barrels per day (bpd) during the Iranian calendar year of 1398, which ended on March 20, 2019, but fell to 2.106 million barrels the next year and then stood at 2.107 million barrels in the Iranian months of Khordad (June 2021).

When the administration of the late Iranian President Raisi took office in August 2021, the oil production volume rose to 2.4 million bpd for the remaining months of that year and rose to 2.6 million barrels per day in 1401 (ended on 20 March 2022).

According to him, the trend of rising oil production continued so that it reached 3.3 million barrels per day last year (ended March 19, 2024), and the oil production trend increased in the current year (started March 20, 2024) to 3.570 million barrels per day so far, Shana reported.

Thus, as the figures show, oil production has risen by 60 percent over the past three years, Owji said.

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Iran’s Crude Oil Output Hits 3.25 Million bpd in March

mahla — Wed, 17 Apr 2024 21:09:17 +0000

TEHRAN (Iran News) –According to the report, Iran had produced 3.230 million bpd in February 2024.

Iran has produced an average of 3.230 million barrels of oil per day in the first quarter of the current year (January to March).

With an increase of 630,000 barrels in oil production over the past year, Iran had the highest production rise among OPEC members, according to EIA.

Gabon, Nigeria, and Venezuela have been the only other OPEC members to increase production over the past year. The production of Gabon increased by 10,000 bpd, Nigeria by 40,000 bpd, and Venezuela by 90,000 bpd.

Based on the EIA report, Iran maintained its position as the organization’s third oil producer in March.

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Iran’s July oil output rises 28% year on year

mahla — Sun, 22 Aug 2021 08:29:00 +0000

TEHRAN (Iran News) – Iran’s July oil output rises 28% year on year. Iran produced 2.485 million barrels per day (bpd) of crude oil in July, registering a 28 percent increase compared to the same month in 2020, according to OPEC’s latest monthly report published on August 12.

Based on secondary sources, Iran had produced 1.936 million bpd of crude oil in July 2020.

The Islamic Republic’s average crude output for the second quarter of 2021 stood at 2.443 million bpd indicating a 224,000-bpd increase compared to the figure for the first quarter of the year, the report said.

The report put the average Iranian crude output for 2019 at 2.356 million bpd, while the average output in 2020 fell to 1.988 million bpd.

These statistics show that although with the re-imposition of the U.S. sanctions, Iran’s oil production decreased; gradually the country has been able to compensate for part of the output decline.

The country’s heavy crude oil price also increased $1.3 in July, to register a 1.8 percent rise compared to the previous month, according to the OPEC report.

Iran sold its heavy crude oil at $72.98 per barrel in the mentioned month, compared to June’s $71.68 per barrel.

The country’s average heavy crude price was $65.01 since the beginning of 2021 up to the report’s publishing date, in comparison to $38.54 in the previous year’s same period.

In addition to the devastating impacts of the coronavirus pandemic on the global oil industry which resulted in the drastic fall in oil prices, the Iranian oil industry has also been under pressure from the U.S. efforts to isolate the country by re-imposing sanctions.

According to IRNA, studies show that the share of oil in Iran’s economic growth increased in the previous Iranian calendar year 1399 (ended on March 20); the figure was reported to be – 7.4 percent in the Iranian calendar year 1398 (ended on March 19, 2020), in the winter of 1999, it reached + 4.5 percent.

Iran has been ramping up its oil production over the past few months following the recovery of the global markets from the negative impacts of the coronavirus pandemic.

Earlier in February, Fitch Solutions Incorporation, a subsidiary of Fitch Ratings, which is one of the U.S.’s three biggest credit rating agencies, forecasted a 6.8-percent growth for Iranian oil exports in 2021 if the U.S comes back to the 2015 nuclear deal.

In one of its latest reports dubbed “Iran Oil and Gas Report”, Fitch also saw the Islamic Republic’s crude oil exports double in 2022 compared to 2020.

“The prospects for the Iranian oil sector have brightened significantly following Joe Biden’s victory in the U.S. presidential election on November 3, 2020. President Biden has indicated that he will seek to re-enter the U.S. into the Iranian nuclear deal, paving the way for a roll-back of secondary sanctions and recovery of around 2.0 million bpd in oil production,” the report said.

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No Halt in Iran’s Oil Output amid Pandemic: Minister

reporter 1222 — Wed, 14 Oct 2020 06:22:44 +0000

TEHRAN (Iran News) – The outbreak of the coronavirus did not halt Iran’s oil production for even one day, Iranian Oil Minister Bijan Namdar Zanganeh said on Tuesday.

Zanganeh noted that since the beginning of the outbreak, his ministry made serious efforts to prevent any stoppage in oil production while protecting the workforce, Shana reported.

“The Oil Ministry was one of the first bodies to take the lead due to the sensitivity and impossibility of shutting down oil activities,” he said.

“If oil and gas are not produced, electricity and water will not be produced,” Zanganeh stressed.

Zanganeh had previously announced that the Oil Ministry’s measures were taken in the four phases of prevention, readiness, confrontation, and returning to normal conditions.

Mentioning the drastic fall in global oil prices and US sanctions along with the pandemic, Zanganeh noted that the oil industry is going through hard times, but the people are shouldering the real burden.

The Organization of Petroleum Exporting Countries (OPEC) said in July that Iran’s revenues from total crude oil exports and oil products in 2019 was just over $19 billion, less than a third of the previous year.

According to the organization’s annual report, Iran’s income from selling oil and oil products amounted to 60.5 billion in 2018, while it was $110 billion in 2011.

Iran’s average daily crude oil exports last year were 651,000 barrels per day, of which about 60,000 barrels went to Turkey and the rest to Asia, it said.

Iran’s oil industry is at the forefront of an economic war with the United States which has pledged to bring Tehran’s crude exports down to zero. The Islamic Republic exported around one million bpd until May 2019, when the United States tightened its sanctions, banning all oil exports from Iran.

The Iranian economy has been carrying on at a relatively steady clip after a period of turmoil when the Trump administration unleashed its most ferocious economic attack on the country in November 2018, with a pledge to sink Iran’s oil exports to zero.

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Iran Should Hit 8.5 mbd of Oil Output: Adviser to Leader

reporter 1222 — Wed, 23 Sep 2020 06:30:37 +0000

TEHRAN (Iran News) – The top economic adviser to the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said the oil output in the country should meet a target of 8.5 million barrels per day (mbd) in several years’ time despite efforts to reduce the direct sales of crude in order to minimize the impacts of foreign sanctions.

Ali Aqamohammadi made the remarks during a ceremony to award enhanced oil recovery (EOR) contracts to major Iranian universities and research centers.

“Oil is set to continue to have a significant position in the economy and the decision is that oil production should reach 8.5 million barrels per day,” said Ali Aqamohammadi, Tasnim News Agency reported.

The comments came as the Iranian Oil Ministry signed 13 EOR contracts worth over €57 million with universities and research centers across Iran.

Aqamohammadi said that the academia in Iran had an acceptable record in the nine previous EOR contracts, adding that universities should become more involved in development projects in the petroleum sector.

Iran has maintained an oil output of around three mbd despite decreased exports as a result of US sanctions that were enacted in November 2018 and toughened in May 2019.

Lower demand for oil because of the global spread of the coronavirus has also failed to dent Iran’s crude production.

Oil Ministry officials have indicated that the country would be able to immediately reach an output of over four mbd to pump oil to foreign customers.

However, major discoveries reported in recent years as well as growing demand for crude in downstream sections of Iran’s massive oil and gas industry means the country needs to significantly increase its production over the next few years.

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