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News // Middle East and OPEC

Iranian President: No limit for oil production and exports

05 December 2016 , 10:03Neftegaz.RU871

President Hassan Rouhani said on Dezember 4, 2016, that Iran has no limit for oil production and exports in the coming months.

 

«We regained our share in the oil market. Per the agreement reached in the recent OPEC meeting, we will in practice have no limit for increasing production and export of the country's oil in the coming months,» said President Rouhani in an address to the Parliament.

He made the remark upon submitted the budget bill for the next Iranian calendar year of 1396 (to start on March 21, 2016).

He went on to say, «The 11th government started work under conditions when despite windfall oil income in the 2010s the country suffered mismanagement as it was under special economic and foreign relations conditions due to imposition of the tyrannical sanction.»

 

He said Iran has scored lots of success in oil and gas as sanctions are scrapped thanks to the hard endeavors of Iranian oil and gas directors and industrialists.

He went on to say, «Crude production reached to 3.8 million barrels per day in Shahrivar (August 21-September 20) from about 2.7 million barrels per day in the first 5 months (March 21-August 20) of the iranian year 1392 (March 21, 2013-March 20, 2014).»

 

The iranian president announced that crude oil exports in the first 5 months of 2013 stood at 970,000 barrels per day and reached about one million barrels per day in the first 10 months (March 20, 2013-January 20, 2014) of the iranian year 1394 and shortly after the JCPOA implementation and insistence to regain Iran's share from the market, rose by about 1.3 million barrels to about 2.3 million barrels per day in the month of Shahrivar this year.

 

He went on to announce that unprecedented fall in oil prices as early as 2014 left harsh negative impact on the country's economy, especially budget and fortunately after the JCPOA, Iran started to increase oil production and exports. «Due to the same reason, the negative shock of oil price decline had left less impact on Iran's economy compared to that of many other oil rich states.»

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