Iranian oil production falters

Iran’s average export of oil in the past four months has stood at 2.35 million barrels per day—below its Opec quota.

  • E-Mail
By  Nicholas Wilson Published  September 5, 2006

National Iranian Oil Company director for international affairs, Hojjatollah Ghanimi-fard, said recently that Iran’s average export of oil in the past four months has stood at 2.35 million barrels per day—below its Opec quota. Ghanimi-fard said at the end of a meeting between the Iranian oil minister and his Venezuelan counterpart, “As in spring most of the world refineries undergo repair and services, crude oil exports decrease.” He said he expects, the volume of Iranian crude exports to soon top 2.45 million bpd and that average oil exports in the current calendar year would reach 2.4 million bpd. Ghanimi-fard said the average price for Iranian crude in the first quarter of this year was US $61. He added that Iran exports seven different kinds of crude oil, whose prices depend on their quality and delivery points. According to Ghanimi-fard, the government has allocated $2.5 billion for petrol imports in the first six months of the year, which is enough only for five months. He said the government should allocate more cash to the programme, and when the government decides to buy more petrol NIOC will do it.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code