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Breaking News:

OPEC Lifts Production in February

Iran’s Oil Exports Rise To 1.4 Million Bpd

Crude oil exports from Iran have gone up to 1.4 million barrels per day, a senior government official said, as quoted by Mehr News Agency.

Davoud Mansour, head of Iran’s Planning and Budget Organization, also said, addressing parliament, that the country had exceeded the amount of oil to be exported in its current fiscal year as stipulated in the budget for that year.

"Therefore, we (the government) ask for permission from the parliament to export the excess oil production capacity and use the resources from those exports to develop infrastructure and complete unfinished projects,” Mansour said.

Separately, oil minister Javad Owji said that Iran’s crude oil production stands at 3.18 million barrels daily and is about to rise to 3.3 million barrels daily over the next ten days, Mehr also reported.

Earlier this month, the head of the National Iranian Oil Company said there were plans to boost oil production to 3.5 million barrels daily by the end of September.

At the time when the current Iranian administration took office in 2021, the country was producing 2.2 million bpd of oil, NIOC’s chief executive Mohsen Khojastehmehr was quoted as saying by the semi-official Tasnim news agency.

Iran has boosted output by nearly 1 million bpd since President Ebrahim Raisi took office in August 2021. Iranian oil production increased from 2.2 million bpd back then to 3.1 million now, Hossein Hosseinzadeh, a member of the energy committee at the Iranian Parliament, the Majlis, told Iranian news agency IRNA.

According to estimates by Argus, the last time Iran produced that much oil was in October 2018.

That was the year in which then-U.S. President Donald Trump re-imposed sanctions on Iran’s oil exports after withdrawing the United States from the nuclear deal.

OPEC said in its latest Monthly Oil Market Report that Iran’s production, per secondary sources, averaged 2.83 million bpd. That was up by 68,000 bpd from the previous month, the data showed.

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By Charles Kennedy for Oilprice.com

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