Crude oil exports from Iran have gone up to 1.4 million barrels per day, a senior government official said, as quoted by Mehr News Agency.
Davoud Mansour, head of Iran’s Planning and Budget Organization, also said, addressing parliament, that the country had exceeded the amount of oil to be exported in its current fiscal year as stipulated in the budget for that year.
Therefore, we (the government) ask for permission from the parliament to export the excess oil production capacity and use the resources from those exports to develop infrastructure and complete unfinished projects.
Separately, oil minister Javad Owji said that Iran’s crude oil production stands at 3.18 million barrels daily and is about to rise to 3.3 million barrels daily over the next ten days.
Earlier this month, the head of the National Iranian Oil Company said there were plans to boost oil production to 3.5 million barrels daily by the end of September, 2023.
At the time when the current Iranian administration took office in 2021, the country was producing 2.2 million bpd of oil. Iran has boosted output by nearly 1 million bpd since President Ebrahim Raisi took office in August 2021.
Iranian oil production increased from 2.2 million bpd back then to 3.1 million now, Hossein Hosseinzadeh, a member of the energy committee at the Iranian Parliament, the Majlis, told Iranian news agency IRNA.
According to estimates by Argus, the last time Iran produced that much oil was in October 2018. That was the year in which then-U.S. President Donald Trump re-imposed sanctions on Iran’s oil exports after withdrawing the United States from the nuclear deal.
OPEC said in its latest Monthly Oil Market Report that Iran’s production, per secondary sources, averaged 2.83 million bpd. That was up by 68,000 bpd from the previous month, the data showed.
According to the EIA’s recently issued Short-Term Energy Outlook, the US crude production is expected to surpass 12.9 million b/d for the first time ever in late 2023, a 200,000 b/d upward revision compared to previous forecasts.
Production curtailments from OPEC+ countries have also prompted the EIA to hike its pricing forecasts, upping the 2023 average Brent price to $82.62 per barrel and 2024 to $86.48 per barrel.
Oil Price.com / ABC Flash Point News 2023.