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Iran Targets 400kbd Production Increase After Inking Oil Development Contracts

OIL

Iran is targeting a 400,000 bpd oil production increase according to Iranian Oil Minister Javad Owji based on Mehr news reports from last week.

  • Owji made the remarks last week while speaking at a ceremony in which several contracts were inked regarding the development of six oil fields.
  • He did not give a timeline over for the target.
  • Iran’s oil production stood at around 3.2mn bpd in February according to the EIA.
  • Iran's efforts to boost its oil production face serious obstacles, including international sanctions that severely limit its capacity to export oil.
  • Attempts in recent months to achieve higher prices with Chinese independent refiners as well as secure upfront payments were reported by Reuters sources to have dented sales.
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