Iran’s crude oil exports hit a record 3mb/d in the Iranian month of Esfand (late February to late March), Reuters informed.
Iranian Oil Minister, Bijan Namdar Zanganeh, credited Iran’s nuclear agreement with Western powers in 2015, which removed a number of sanctions in exchange for curbs on the Islamic Republic’s nuclear program, for the boost in exports. According to him, Iran’s oil exports have, on average, more than doubled since that time.
In related news, the International Energy Agency (IEA) has predicted that Iran will expand its oil production capacity by 400,000b/d to reach 4.15mb/d in 2022, Tehran Times wrote.
Furthermore, the Organization of Petroleum Exporting Countries (OPEC) will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, according to IEA.
OPEC will raise output capacity by 1.95mb/d from 2016 to 2022, with a third of the gains concentrated in Iraq, the IEA said. Last year the Paris-based agency predicted growth of 800,000b/d from 2015 to 2021.