Iran aims to raise its crude exports to 1.4 mln bpd - minister
"In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realise the level set in the budget," Iranian Oil Minister Javad Owji told state television.
- Economy
- Reuters
- Published Date: 12:08 | 20 March 2022
- Modified Date: 12:08 | 20 March 2022
Iranian Oil Minister Javad Owji said in televised remarks on Saturday that he will try to raise Iran's oil and condensates exports to 1.4 million barrels per day as set out in an annual state budget.
"In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realise the level set in the budget," Owji told state television.
Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales.
Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe.
In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million bpd by 2040. But analysts believe that is unrealistic.
Consultancy FGE said last year it saw Iranian output surpassing 4 million bpd by 2025, plateauing at around 5 million bpd before starting to fall in 2037.