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Iranian Oil Production at 3.4mn bpd: Owji

OIL

Iran’s oil production is at 3.4mn bpd according to its oil minister Javad Owji.

  • “Given the ministry’s plans and investments in onshore and offshore fields, domestic oil output will hopefully increase,” Owji added.
  • Production in Iran has increased in recent months by about 100,000 bpd.
  • Owji said in October that Iran was increasing production and “we have customers for it in the world”.
  • He also said last month that the US had not given Iran a “green light” to increase production despite sanctions officially remaining in place.
  • Kpler figures showed that China has pulled in Iranian crude at record levels in October at >1.8mn bpd, a lot of which came out of floating storage.
  • Oil markets have been on edge that Iranian flows may face further scrutiny because of its links to Hamas and Hezbollah as the conflict with Israel escalates.
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