Iran’s Oil Output Stands at 4mb/d

Iran’s Oil Output Stands at 4mb/d

Managing Director of the state-owned National Iranian Oil Company (NIOC), Ali Kardor, said that, according to the preliminary estimates, Iranian daily oil production reached 4m barrels in late April 2017, reported Hellenic Shipping News.

During the period of sanctions, oil production in the country was capped at about 2.7mb/d, including 1m barrels sent to export markets, Sputik News informed.

Earlier, Kardor said that, considering the average daily gas condensate export standing at 700,000 barrels, total oil and gas condensate exports hit an all-time high of 3m barrels in February 2017.

Iran has been re-entering the global oil market and boosting its energy exports in January 2016 after the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency (IAEA) verified Tehran’s compliance with a nuclear agreement reached in July 2015.

The sanctions were placed on July 1, 2012 as the European Union imposed embargo on Iranian oil imports meant as a punitive measure for Tehran’s perceived ambitions to develop nuclear weapons.

Sarah Samir 2900 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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