Iran's First Vice-President, Eshaq Jahangiri, said that Iran has now become a major exporter of gasoil and will soon turn into an exporter of gasoline.
The research consultancy Rystad Energy indicated that the oil field development in Iran and Iraq is expected to drive the largest production growth in the Middle East over the next four years.
Iran started pumping oil from the oil layer of South Pars gas field (in the Persian Gulf). Production from seven oil wells in the complex began and should reach a net peak capacity of 35,000b/d in about a week.
Energy and power projects totaling $622b in MENA and Iran could materialize by 2021 depending on oil prices, creditworthiness of countries and geopolitics. Fully committed projects worth as much as $337b are already ...
Iran says it expects to increase exports of crude oil to Europe to as high as 800,000b/d by May. The country currently supplies Europe with 500,000b/d of crude oil.
Iran began pumping 15,000b/d of crude oil from Azar oilfield, which it shares with Iraq. Azar development project is aimed at production of 65,000b/d of crude oil.
Iran will keep its oil production cap at 3.8mb/d in the second half of 2017 if OPEC members stay committed to the oil cut agreement signed in November 2016.