Iran’s Oil Export Doubles to 3.8mb/d

Iran’s Oil Export Doubles to 3.8mb/d

Iranian Ministry of Petroleum announced that the country’s crude oil exports have doubled since Iranian President, Hassan Rouhani, took office in August 2013, reported SHANA. The country’s crude oil output has crossed 3.8mb/d with over 2m barrels being exported to foreign destinations, Iran’s Minister of Petroleum, Bijan Zangeneh, said in a parliamentary session.

According to a report by the Planning and Supervisor of Hydrocarbon Reserves department at the ministry, Iran has also boosted its condensate output by 37% during the same period, Iran Business News cited SHANA.

Government Spokesperson, Mohammad Bagher Nobakht, said that Tehran is committed to preserve its share in the global oil market. He further noted that Iran was present at the annual OPEC meeting as it defended its right to raise production, The Iran Project informed.

Zangeneh has previously accused the regional neighbors and OPEC members of trying to take away its customers by offering cheaper oil. He also said that despite Iran is not offering a price discount itself, it had managed to retake 1mb/d in the global market.

 Iran’s crude is similar to the type of oil produced by Iraq and Saudi Arabia, Tehran’s two largest competitors.


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