Tehran — Iran is planning to produce 4.5 million b/d of crude oil and condensate in its next year that starts March 21 and export 2.3 million b/d of it if current US sanctions are lifted, state news agency IRNA reported Dec 13.
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Register NowJafar Ghaderi, a member of parliament's planning and budget committee, cited oil minister Bijan Zanganeh as saying the target has been set in the country's budget bill for next year that is currently being debated in the assembly.
Zanganeh has noted that the exports target eyes a sanctions-free market for Iran, if the US lifts the restricttions that have blocked Iran's conventional ways of selling its oil.
"The oil minister was asked by deputies whether this oil exports forecast for the next year wasn't optimistic. He answered, 'We have considered this figure conditioned to the removal of the sanctions. If the conditions improve, this figure will be realized. Otherwise, we will sell participation bonds," Ghadedri said after meeting with Zanganeh.
Iran has counted on pocketing over $17.3 billion in oil revenue in its next year.
"The oil minister stressed that given this exports volume around 25% of the money in the year 1400's budget will be provided," Ghaderi said. "Of course, this has been based on a dollar parity rate at 115,000 rials for basic commodities and 170,000 for state companies."
Iran has outlined long-term plans of increasing crude oil production capacity to 6.5 million b/d.
US President-elect Joe Biden has indicated that he is open to more engagement with Iran, including a possible renegotiation of the nuclear pact that lifted sanctions on Iran's oil sector. Current US President Donald Trump withdrew the US from the deal in 2018, reimposing the harsh sanctions that his administration has said cut off about 2 million b/d of Iranian oil exports.
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Iran to boost oil output to over 4 mil b/d starting March 2021: IRNA - S&P Global
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