Iran throws down gauntlet on production growth

By Peter Stewart 24 July 2017
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South Pars Phase 12 (Pars O&G) South Pars Phase 12 (Pars O&G)

Iran’s plans to ramp up oil and gas production by 2021 will put further strain on the already brittle relationships between the Gulf countries.

Since US and EU sanctions were lifted, Iran has ramped up its crude oil production from around 2.7 million barrels per day (MMb/d) to around 3.7 MMb/d. Now it plans to hike oil production to 5.8 MMb/d by 2021, including 1 MMb/d of condensates, while gas volumes will rise by 60%, to 1.36 billion cubic metres per day.

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