Iran’s oil production rises 65,000 bpd in March

Iran raised oil production by 65,000 barrels per day (bpd) in March from February, data compiled by Bloomberg showed.

Iran’s total oil output hit 2.9 million barrels per day in March, according to a report published by Bloomberg on April 9.

On April 12, Iranian MP Ali Marvi quoted Oil Minister Bijan Namdar Zanganeh as saying that Iran will increase its crude oil output to 5.7 million barrels per day by the end of Iranian calendar year 1397 (March 2019).

On April 6, Zanganeh said Iran forecasts an increase in its crude oil and natural gas production in the current Iranian calendar year 1393, which began on March 21.

“Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day,” the minister explained.

The country is currently exporting about 1.2 million barrels per day of oil and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, he added.

By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.

An interim accord easing restrictions on insurance for Iran’s oil shipments and freeing up cash held outside the country in return for a suspension of nuclear work went into effect in January. Under the agreement, six buyers permitted under U.S. sanctions to take Iranian crude don’t have to cut imports to avoid penalties.