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Iranian Crude Output to Reach Pre-sanctions Level by July

IOTCO: Chief Executive Officer of National Iranian Oil Company (NIOC) says the country’s crude oil production will reach pre-sanctions levels of 2011 within a couple of months.

Iranian Crude Output to Reach Pre-sanctions Level by July
(Saturday, April 23, 2016) 20:26

Rokneddin Javadi has stated that the pre-sanctions level would be attained by the end of the Iranian calendar month of Khordad (ends June 20).

Iran has been ramping up its oil production and reclaiming market share after the lifting of Western sanctions in January with the implementation of an international agreement that put curbs on its nuclear program.

Tehran has expressed concern over market oversupply and low oil prices but also reiterated its right to regain pre-sanctions market level.

The country has boosted its crude exports to a reported 1.75 million barrels per day (bpd) so far in April - up from average March exports of about 1.6 million bpd.

Last week Javadi said Iranian output had already surpassed 3.5 million bpd and exports would reach 2 million bpd in the coming month.

Iran exported about 2.2 million bpd and its production was below 4 million bpd in late 2011 before the sanctions.

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