Iran’s oil output expected to increase in 2018 to reach 4.06mn bpd
Iran’s oil production has been steadily increasing during the past few years, from 2.92 million barrels per day (mbpd) in 2015 to 3.69 mbpd in 2016. The country’s oil output is expected to further increase by 21,000 bpd this year and then reach 4.06 mbpd in 2018, the International Monetary Fund (IMF) reported.
Sanctions on Iran were removed in January 2016, which led to increasing exports volume and resuming oil production to the pre-sanctions level on Iran’s side.Therefore, Iran’s oil production growth would be about 10% more in 2018 compared to 2016.
According to IMF’s estimations, Iran’s gas output increased by 10% during last year to 3.26 million barrels oil equivalent per day (boepd), and the figure is expected to reach 3.39 million boepd in the current year and 3.53 million boepd in 2018.Iran’s gas output would increase by 8% in 2018, compared to 2016.
According to Iran’s official statistics, the country’s gross gas output increased by 10.9% to 285 billion cubic meters last year compared to 2015.
Iran’s oil exports also increased by 1 mbpd last year to 2.42 mbpd and the figure would increase to 2.5 mbpd in 2017 and 2.59 mbpd in 2018.
Iran’s says its oil output capacity stands at about 4 mbpd, while the actual production volume is 3.8 mbpd. Iran also produces 560,000 bpd of gas condensate.