Iran’s oil output to reach 3.5 mln bpd by late September: NIOC chief
Iran will reach a milestone oil production figure of 3.5 million barrels per day (bpd) in late September, according to the CEO of state oil company NIOC, despite sanctions imposed on the country by the US.
Mohsen Khojasteh Mehr said on Wednesday that Iran’s oil output will increase by 150,000 bpd within the next week and by another 100,000 bpd by the end of the month to September 22 to reach a total of 3.5 million bpd.
The figure would be a major increase from 2.2 million bpd of oil production reported in August 2021 when the current administrative government led by President Raeisi took office, said Khojasteh Mehr.
He said the growth in oil output will entirely serve Iran’s plans to increase its oil exports.
The comments, which came in a meeting with reporters at the headquarters of the National Iranian Oil Company, is the latest sign that Iran is pumping increased amounts of oil to the international markets despite continued pressure of the US sanctions.
Reports earlier this year had indicated that Iran’s nominal oil production capacity had been restored to levels above 3.8 million bpd for a first time since 2018 when Washington imposed its sanctions on the country.
However, reaching an actual output of 3.5 million bpd shows Iran is effectively nearing export levels seen before the sanctions when the country used to sell 2.2 million bpd of oil to international customers.
Central Bank of Iran Governor Mohammad Reza Farzin also said on Wednesday that Iran’s oil exports had risen by 41% year on year in the calendar month to late July to reach a record high in five years.
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