TEHRAN: Iran’s crude oil production reached 3.665 million barrels per day (mb/d) in September, OPEC said in a monthly report published on October 12. Iran’s August oil output stood at 3.634 mb/d, said the report. OPEC crude oil production averaged 33.39 mb/d in September, increasing by 0.22 mb/d over the previous month, according to secondary sources.
Crude oil output increased mostly from Iraq, Nigeria and Libya, while production in Saudi Arabia showed the largest drop. Iran has repeatedly stated that it plans to increase oil output to 4 mb/d by March 2017.
Iran has the fourth largest oil reserves and the largest natural gas reserves in the world, while the country is also the third largest exporter of oil in the world. Iranian oil sales have nearly doubled since sanctions were lifted on its oil exports in January 2016. In fact, Iran is recovering market share faster than many experts had expected.
China and India are looking to further lock down Iranian supply, with a large planned investment in Iran’s oil and gas infrastructure. Iran is seeking $130 billion worth of investment to bring its energy sector up to date after years of sanctions. Previously, Reuters reported that Iran’s June 2016 sales to its four major Asian oil customers—China, Japan, India and South Korea—were 47.1% higher than a year ago.
