Iran oil exports hit 2.4 million bpd

Minister of Petroleum Bijan Zangeneh says Iran’s daily production of oil and condensate has risen to 2.4 million barrels.

Since the lifting of sanctions in January under a nuclear agreement, Iran has been ramping out oil production to claw back lost market share, Press TV reported.

“During sanctions, exports of oil and gas condensates combined stood at 1.35 million barrels per day; those exports have now risen to 2.4 million barrels,” Zangeneh told the opening of an international oil and gas exhibition in Tehran Saturday.

“The policy of the establishment is to increase production and exports of oil to reclaim Iran’s lost market share; and nothing can prevent us” from this goal, he added.

Zangeneh made the remarks as he toured the 21st Iran International Oil, Gas, Refining and Petrochemical Exhibition in Tehran.

Zangeneh said, “For investment in oil, we have to use not only domestic resources but also foreign resources and the oil contracts framework has been written on this basis.”

Officials say the new oil investment framework known as Iran Petroleum Contract (IPC) will be unveiled by July.

According to Deputy Petroleum Minister Rokneddin Javadi, foreign companies will be invited in July to bid for the new contracts.

SS