News ID: 265638
Published: 1224 GMT February 14, 2020

Iran produced over 2mbd of crude in January: OPEC

Iran produced over 2mbd of crude in January: OPEC

Iran produced 2.086 million barrels per day (mbd) of oil in January, a 9,000-bpd decrease from 2.095 million bpd in December 2019, according to OPEC’s latest monthly report.

Meanwhile, the country’s average heavy oil price was $62.61 in January, down $1.19 or 1.9 percent from $63.8 in December 2019, reported Mehr News Agency.

The report also put the average price of Iranian heavy crude at $56.29 for the past year.

The Iranian oil industry has been under pressure from US efforts to isolate the country by reimposing sanctions.

Last week, Iranian Deputy Oil Minister Karim Zobeidi said that US sanctions have not decreased the country’s oil production capacity.

On February 6, Deputy Oil Minister for Planning Houshang Falahatian put the country’s oil production as 3.7 million barrels per day.

According to Falahatian, 1.7 mbd of total production is consumed inside the country.

As reported by Shana, the official said that Iran is capable of exporting around 2 million barrels of crude oil per day.

The purpose of the unjust sanctions imposed on Iran is to prevent it from exporting its surplus oil output, Falahatian stressed.

Meanwhile, the head of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA)’s Energy Committee said on Friday that the country’s capable private sector is ready for participation in the Oil Ministry’s refinery and petro-refinery projects.

According to Reza Padidar, 75 percent of the 3,300 private companies active in the oil industry’s downstream sector are currently idle, while this capacity could be used in creating added value in the country’s oil industry.

“Believing in the private sector, trusting and crediting their potentials and capability will save the national economy,” Padidar said.

He stated that one of the major goals that the Oil Ministry is pursuing by signing various oil contracts with domestic contractors is to create activity in the country’s productive sector, adding that “the goal is to keep production units at least semi-active, given the stoppage in production.”

“Oil is an advantage for the Iranian economy and we must strive to transform the potentials of the oil sector into a dynamic economy for the development of the country,” he added.


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