Aug 29, 2017, 1:48 PM
News Code: 82648087
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Iran's oil exports over 2.6m bpd last month: Oil minister

Tehran, Aug 29, IRNA – Iran has exported an average of more than 2.6 million barrels of oil and gas condensate per day last month (July 23- Aug 22), Minister of Petroleum Bijan Zangeneeh said on Monday.

Emphasizing the necessity of observing a production based on maximum efficient recovery, Zangeneh said, the country 'is currently producing over 3.8 million barrels of oil per day but the current amount of production is by no means proportionate to the country's reserves.'

'The optimal production means a production with the maximum recovery rate, that can boost the country's economic, security and political power,' he added.

In Iran's sixth development plan, the oil production capacity is aimed at 4.8m bpd which indicates the capacity of production but the real level of production at the end of the plan will be determined by the quota fixed by the Organization of the Petroleum Exporting Countries (OPEC) as well as other factors that may lower the production level, Zangeneh said.

He added that the current level of Iran oil production is nearly the same as that of the pre-sanction era.

The cut in oil production in some fields, has been balanced, said the minister adding, in one of the oil fields, Karoon-e Gharb (Western Karoon), the production has increased to 280,000 bpd from its previous 70,000 figure.