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Iranian Oil Minister Bijan Zanganeh has announced that his country plans to increase its oil output capacity to take its share back from the market in case of the US sanctions termination.
Iran is expanding its oil-production capacity in anticipation that an eventual end of sanctions would allow it to wrest back its share of the global crude market, Zanganeh said.
“It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Zanganeh said in a speech broadcast on state television.
“We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary.”
The statements were made on the sidelines of a deal-signing ceremony for the development of Yaran, an oil deposit in the Khuzestan province in the south of Iran. The deposit is shared with Iraq.
It is estimated that the Islamic Republic of Iran has exported 273,000 barrels of oil per day (bpd) in June 2020.
All of Iran’s oil storage tankers are fully loaded, so that Iran’s export of crude in June 2020 hit 273,000 barrels per day (bpd).
Iran’s crude oil production volume hit a four-decade record low in a way that the outbreak of the novel coronavirus, COVID-19, has had a significant impact on reducing Iran’s oil exports.
According to FACTS Global Energy Group (FGE), the total energy of Iran’s crude oil reserves on onshore reached 54 million barrels of oil in April, the rate of which hit 15 million barrels of oil in January.
Given the above issue, this volume even reaches 63 million barrels of oil per day (bpd) in June 2020.
Accordingly, the average of crude oil reserves on Iranian onshore will reach 66 million barrels of oil per day (bpd) in June, the rate of which is about 85 percent of available oil reserves on onshore.
The report put the export volume of Iranian crude oil in May 2020 at about 100,000 barrels per day (bpd).
Also, it is estimated that Iran’s export of crude oil in June 2020 has hit 237,000 barrels per day (bpd).
