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Iran's oil, gas output to grow by 2018

Iran's oil, gas output to grow by 2018

Iran's oil production increased from 2.92 million barrels per day (mbd) in 2015 to 3.69 mbd last year and is expected to increase by 21,000 bpd in the current year and reach 4.06 mbd in 2018, the International Monetary Fund announced in a report.

Sanctions on Iran were removed in January 2016, which led to increasing exports and resuming oil production to the pre-sanctions level on Iran's side, according to Trend News Agency.
Therefore, Iran's oil production growth would be about 10 percent more in 2018, compared to 2016.
According to IMF's estimates, Iran's gas output increased by 10 percent during last year to 3.26 million barrels oil equivalent per day (mbOE/d) and the figure is expected to reach 3.39 mbOE/d in the current year, and 3.53 mbOE/d in 2018.
Therefore, Iran's gas output would increase by eight percent in 2018, compared to 2016.
According to Iran's official statistics, its gross gas output increased by 10.9 percent to 285 billion cubic meters last year, compared to 2015.
Iran's oil exports also increased by 1 mbd last year to 2.42 mbd and this figure is to increase to 2.5 mbd in 2017 and 2.59 mbd in 2018.
Iran's oil output capacity stands at about 4 mbd, while production is 3.8 mbd. Iran also produces 560,000 bpd of gas condensates.