Oil exports surpass 1.4mbd target
Iran’s oil exports have surpassed the government’s 1.4 million barrels per day target, said the head of Iran’s Plan and Budget Organization.
“Based on Iran’s current budget, the government aims at exporting 1.4 million oil barrels per day, an objective which has now been surpassed thanks to the Oil Ministry’s efforts,” Davoud Manzoor said on Sunday.
Also on Sunday, Iran’s Oil Minister Javad Owji said that Iran is producing about 3.2 million barrels of crude oil per day (bpd).
He said that Iran’s production of crude oil will surpass 3.3 million bpd by the end of this month.
The comments by Iranian officials are the latest sign that Iran is pumping increased amounts of oil to the international markets despite continued pressure of US sanctions.
Prior to the re-imposition of US sanctions in 2018 after Washington’s withdrawal from the 2015 nuclear agreement, Iranian oil exports were about 2.8 million barrels per day.
Reports earlier this year had indicated that Iran’s nominal oil production capacity had been restored to levels above 3.8 million bpd for the first time since 2018.
However, reaching an actual output of 3.5 million bpd shows Iran is effectively nearing export levels seen before the sanctions.