Iran oil minister says aiming for 1.4 million bpd crude exports - Reuters.com

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A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA

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DUBAI, March 19 (Reuters) - Iranian Oil Minister Javad Owji said in televised remarks on Saturday that he will try to raise Iran's oil and condensates exports to 1.4 million barrels per day as set out in an annual state budget.

"In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realise the level set in the budget," Owji told state television.

Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales.

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Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe.

In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million bpd by 2040. But analysts believe that is unrealistic. read more

Consultancy FGE said last year it saw Iranian output surpassing 4 million bpd by 2025, plateauing at around 5 million bpd before starting to fall in 2037. read more

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Reporting by Dubai newsroom; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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