Iran Oil Revenues to Rise by $10bn Next Year

Minister of Petroleum Bijan Zangeneh said on Thursday as of next year, 10 billion dollars will be added to Iran’s oil income.
In a televised interview, Zangeneh outlined Iranian oil diplomacy achievements, which excluded Iran from OPEC output freeze plan.

bijan-zanganeh-oil-minister

Iran’s output will be 3.797 million barrels per day per an agreement reached in the OPEC 171st ordinary meeting on Wednesday, November 30.

Hence, Iran’s average crude production level for the first half of 2017 will be 3.797 million barrels.

As of January 2017, Iran’s production will be 3.707 million per day, adding 90,000 barrels per day to the figure gradually.

Per OPEC approved table, Iran will be the only country to add to its production in the first six months of 2017: 90,000 barrels per day on the average. Iran’s average output level would not exceed 3.797 million barrels per day in the first six months of 2017.

Iran will be able to produce 3.9 million barrels per day oil in certain weeks in the first six months of 2017 but the average figure in the six-month period would not exceed 3.797 million per day.

Per OPEC agreement, Saudi Arabia should cut 486,000 barrels per day from its output to bring its output level overall to 10.058 million barrels per day.

The petroleum ministers of the Organization of the Petroleum Exporting Countries (OPEC) decided to curtail their total production by 1.2 million barrels a day.

For the first ever since 2008, OPEC will cut its production in consistency with the Algiers September 28 accord.

In accordance with the Algiers accord, the Organization’s output ranged between 32.5 million barrels per day to 33 million barrels per day.

Oil prices are predicted to rise after the November 30 agreement to 50 to 55 dollars a barrel.

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