Jun 24, 2021, 9:50 AM
Journalist ID: 1843
News Code: 84380575
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Global oil market waiting for 200 million barrels of Iran crude

Tehran, IRNA - Oil prices in world market has increased to the highest level since late 2018 and it is expected to reach 100 dollars per barrel; given the facts, the market is waiting for Iran to export over 200 million barrels of its crude oil as soon as the US sanctions are lifted, Iran newspaper reported.

Some 78 million barrels of Iranian crudes are in tankers on Asian waters; so, this volume of oil storage means that the country's crude export can increase to the level of one million barrels per day for a period of six months, consisting one percent of global oil supply.

Some sources say that member states of the OPEC+ have started negotiation to make a decision on cutting oil production from August in order to pave the ground for Iran's return to the market.

Fereydoun Barkeshli, oil market analyst, told Iran newspaper that all sides involved in Vienna talks on returning to the 2015 nuclear deal are optimistic and that the US wants to expedite the pace of negotiations; however, the impact of potential increase of Iranian oil export on the market will be different from media hypes.

The Islamic Republic produced 3.8 million bpd, which decreased to 1.9 million bpd, but the production is estimated at 2.4 million bpd now. It is said that the country is prepared to produce 4 million bpd in the future.

It is worth mentioning that the oil price is expected to reach the highest level in recent trade, but the industry is on the verge of coming to a transition period from fossil fuel to renewable energies; so, Iran should reach the production level of 6.5 million bpd and its maximum export as soon as possible.


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