Iran’s total oil output hit 2.9 million barrels per day in March, according to a report published by Bloomberg on April 9.
On April 12, Iranian MP Ali Marvi quoted Oil Minister Bijan Namdar
Zanganeh as saying that Iran will increase its crude oil output to 5.7
million barrels per day by the end of Iranian calendar year 1397 (March
2019)
On April 6, Zanganeh said Iran forecasts an increase in its crude oil
and natural gas production in the current Iranian calendar year 1393,
which began on March 21.
“Iran’s crude oil output is forecast to increase by about 200,000
barrels per day to 4 million barrels per day, and its daily natural gas
output is forecast to increase by about 100 million cubic meters per day
to 400 million cubic meters per day,” the minister explained.
The country is currently exporting about 1.2 million barrels per day of
oil and has earmarked 1.5 million barrels of daily sales in the
national budget for the year 1393, he added.
By holding 157 billion barrels of recoverable crude oil reserves, Iran
possesses the world’s fourth largest reserves of crude oil
An interim accord easing restrictions on insurance for Iran’s oil
shipments and freeing up cash held outside the country in return for a
suspension of nuclear work went into effect in January. Under the
agreement, six buyers permitted under U.S. sanctions to take Iranian
crude don’t have to cut imports to avoid penalties.
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