Iran OKs rapid action plan to increase oil output by 0.25 mln bpd
Iran’s Supreme Economic Council has approved a request by the country’s Oil Ministry to increase its oil production by 250,000 barrels per day (bpd).
The semi-official Fars news agency said in a Tuesday report that the Oil Ministry has submitted a rapid action plan to the Council to increase oil output in 34 oilfields in the country.
The report said members of the Council led by Iran’s Vice President Mohammad Reza Aref granted the request.
Iran’s Oil Ministry’s news service said the plan will be implemented based on an arrangement that will be agreed later between state oil company the NIOC, the Central Bank of Iran and the Plan and Budget Organization.
It was not clear where the increased oil output will be supplied to. However, reports have suggested that Iran has found new destinations for its crude oil exports despite a continued regime of US sanctions that impose heavy penalties on buyers.
Those destinations include Bangladesh, Oman and ports in northern China, according to a recent report by the Reuters news agency which cited information from tanker tracking services.
Data by the Organization of the Petroleum Exporting Countries (OPEC) published on Monday showed that Iranian oil output had reached an average of 3.271 million bpd in July, up from 3.25 million bpd reported in June.
The figure is the highest for Iran’s oil output since 2018 when the country came under unilateral US sanctions.
Iran posted one of OPEC's biggest output increases in 2023 as sales to private buyers in China increased steadily over the past year.
The rapid action plan by Iran’s Oil Ministry to increase oil output in the country can push up exports to more than 1.7 million bpd in the coming months.
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