Iran’s oil exports have reached the pre-sanctions level and its oil revenues are accordingly expected to amount to $45-$50b in the next Iranian financial year until March 2018, if prices remain at $55 per barrel, said Iran’s Oil Minister, Bijan Namdar Zanganeh. The minister pointed out that this financial year’s oil sales brought some $40b, some of which will be collected next year, Zawya reported.

According to Iran Daily, Zanganeh added that while oil and condensates exports stood at 1.2md/d in the five months of 2013, the figure reached 2.8b/d in the past four months — up by 1.6m barrels.

In related news, Zanganeh noted that South Pars phases of 17 to 21 will be officially inaugurated in March, and when they come on stream, they will produce 150mcm of sweet gas a day.

Meanwhile, National Iranian Oil Company’s (NIOC) Managing Director, Ali Kardor, said that given the willingness of some European countries to buy crude oil from Iran, the country may increase its exports to Europe in 2017.