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Iran needs ‘months’ to hit 2 million bpd

7 March 2016 10:16


President Hassan Rouhani says Iran needs a few more months to raise its crude oil exports to pre-sanction levels.

The country has added 400,000 barrels per day (bpd) to its production since the lifting of sanctions in January, the Shana news agency quoted the president telling a news conference in Tehran Sunday.

“However, in order to return to former positions, we still need several more months,” Rouhani said.

The president predicted Iran’s oil exports to hit 2 million bpd before the middle of the next Iranian year which begins on March 20, 2016 — roughly falling around the month of August.

This means Iran has to add another 600,000 bpd to its exports during the period.

Rouhani reiterated the position that Iran must regain its market share which the country lost under sanctions in 2012.

Iranian officials have dismissed joining a recent proposal by Saudi Arabia and Russia to freeze production at January levels.

“Redeeming our rights is not limited to the nuclear rights. From the standpoint of oil exports, we must return to our former position and we are returning step by step,” he said.

However, the process “will take time because we have to reactivate our wells and export oil,” Rouhani added.

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