Iran reports surprise rise in oil output
Iran has reported a surprise surge in its oil output capacity after a multiple year plunge that was prompted as a result of sanctions against investments in its key energy industries.
Figures released by the government show that Iran’s oil production rose by 200,000 barrels per day (bpd) in March 2015.
The country’s total production now stands at 2.9 million barrels per day (m/bpd) – slightly higher than the previous figure of 2.7 m/bpd registered for the Persian calendar year of 1393 (21 March 2014-2015), IRNA reported.
Other figures show Iran’s production of condensate also rose to 1.3 m/bpd from the previous figure of 1.2 m/bpd.
The Persian calendar year of 1393 registered a decline of 12 percent in Iran’s oil production capacity. The decline was the sharpest in four years.
Iran’s oil production capacity had slid 6.7 percent the previous year. That came against the backdrop of moderate increases of 3.1 percent and 2.3 percent over the preceding years – 3.7 m/bpd for March 2013-2014 and 3.7 m/bpd for March 2012-2013.
It may still be too early to conclude that a turn in the downward trend of Iran’s oil production has emerged as indicated by government figures.
Nevertheless, this clearly indicates that Iran is already prepared to move toward a promised surge in its oil production even long before the removal of sanctions against its oil industry.
Iran’s Oil Minister Bijan Zangeneh had previously pledged to increase Iran’s oil production by at least 500,000 bpd as soon as the sanctions are lifted as a result of the last month nuclear breakthrough between Iran and the P5+1 group of countries.
The removal of the sanctions is expected to take effect in the first half of 2016. However, Iran’s media reported last week that Zangeneh has ordered the related sectors to prepare for the anticipated rise in the country’s oil production capacity.
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