Iran to increase oil production to over 4 million barrels per day by March 2023

Iran to increase oil production to over 4 million barrels per day by March 2023
Iran to increase oil production to over 4 million barrels per day by March 2023

Iran will increase its oil production capacity to more than 4 million barrels per day (bpd) by the end of the current Iranian year which ends in March 2023, said the director general of the National Iranian Oil Company (NIOC) to the local news agency. IRNA Friday.

Iran’s current production capacity stands at 3.838 million bpd, Mohsen Khojastehmehr told IRNA. Iran’s top oil company executive said the Islamic Republic would increase its oil production capacity by 200,000 bpd by March 2023, the end of the current Iranian year. By then, Iran is aiming for its production capacity to exceed 4 million bpd, to 4.038 million bpd, the NIOC chief executive said.

With increased production capacity, Iran could increase its oil exports if international markets need it, Khojastehmehr said.

According to OPEC’s secondary sources in its latest Monthly Oil Market Report (MOMR), Iran pumped 2.558 million bpd of oil in July, down 11,000 bpd from June. Iran itself does not share its oil production or export figures, but it is believed to have stored crude oil in floating storage, pending a possible lifting of US sanctions against its industry with a possible nuclear deal.

Iran has been preparing to increase production and production capacity for several months after talks on the so-called Iran nuclear deal entered the final stage.

However, in the last twist in the talks and the final draft of amendments, Iran sent its written response early Friday to what could be a final draft of a possible agreement, although it did not reveal, again, what the response was. .

The US confirmed it received the Iranian response via EU mediators, but dismissed Iranian suggestions as “unconstructive”.

“We are studying it and will respond through the EU, but unfortunately it is not constructive,” the US State Department said. The United States also did not reveal the details of the response.

“Based on their response, we seem to be backing off,” a senior Biden administration official said. POLITICS Thursday night.

By Tsvetana Paraskova for Oilprice.com

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