From the Field
Iran oil exports soar by 500,000 bpd
TEHRAN, February 22, 2016 – Iran has increased oil exports by 500,000 bpd after sanctions were lifted in January, the director of international affairs for state-run National Iranian Oil Company, Mohsen Ghamsari, said in an interview with Iranian semi-official FARS News Agency on Saturday.
The official said Iran will export 1.4 million bpd of oil in February and plans for 1.56 million bopd in March. Iran was OPEC’s second-largest exporter before restrictions cut the country’s output to 2.7 million bopd from 3.9 million bopd and exports ranging around 1.1 million bopd from 2.5 million bopd.
Iran currently has 2 million barrels of oil aboard a tanker at Kharg Island on the Persian Gulf headed to French super-major Total, and two other tankers filled with 100 million barrels each are bound for Spain’s Compañía Española de Petróleos and Russia’s Lukoil.
Other Iranian companies are also looking to tap into the emerging market. Managing director of National Iranian Drilling Company, a subsidiary of National Iranian Oil Company, Heydar Bahmani announced today that the company had already met with 30 European and Asian firms over the last few months. “Given the removal of sanction, these committees will pursue the topics related to economic and technical topics, planning, negotiating with foreign companies and studying the contracts,” he said.