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Iran announces major jump in oil exports

Iran's First Vice President Eshaq Jahangiri says the country has been able to increase its oil exports to 2.2 million barrels per day.

Iran says its oil exports have already reached around 2.2 million barrels per day (bpd) in what could highlight a major progress in the country’s post-sanctions oil industry performance.

Iran’s First Vice President Es'haq Jahangiri said the figure marked a rise of 900,000 bpd in the country’s oil production that had been materialized within only two months after the lifting of the sanctions. 

In mid-January, a series of economic sanctions that had been imposed on Iran for multiple years were removed after a deal between the country and the P5+1 – the five permanent members of the Security Council plus Germany – was implemented. 

The sanctions barred foreign investments in the Iranian oil industry and also limited a low ceiling of 1 million bpd on the country’s oil exports. 

“Until this past [Persian calendar month of] Bahman (21 January-February 2015), Iran was able to sell 1.3 million bpd,” Jahangiri told reporters. “But within two months after the removal of the sanctions, we have been able to export 2.2 million bpd of crude oil.” 

Last Saturday, figures provided by Bloomberg showed that Iran’s oil production had climbed to 3.37 million bpd in January, the highest level since February 2014.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels. 

Iran’s Oil Minister Bijan Zangeneh had repeatedly emphasized that the Islamic Republic was determined to regain its share of the oil market that it had lost as a result of the sanctions. 

Zangeneh had also said on the same front that plans had been devised to increase the country’s oil production by 500,000 bpd immediately after the removal of the sanctions and by a further 500,000 bpd later on. 

Last week, he emphasized in his message to the nation on the occasion of the new Iranian calendar year (began 21 March) that Iran has already been able to regain its lost oil market share. 

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