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Goldman Sachs predicts great increase in Iran’s oil production

Goldman Sachs predicts great increase in Iran’s oil production

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Date: 16 January 2016 10:22

Baku, Azerbaijan, Jan. 14

By Elena Kosolapova – Trend:

The US Goldman Sachs analysts predict a great increase in Iran’s oil production in 2016 and 2017, the bank’s report received by Trend says.

The daily oil production is projected at 3.133 million barrels per day (bpd) in Iran in 2016, 3.333 million bpd in 2017. The oil production amounted to 2.847 million bpd in Iran in 2015 (2.812 million bpd in 2014).

The quarterly oil production is projected at 2.995 million bpd, 3,145 million bpd, 3.17 million bpd and 3.22 million bpd, respectively in Iran in 2016.

The proven oil reserves amounted to 157.8 billion bpd in Iran in early 2015, BP’s statistics review says.

Iran and P5 +1 (the US, UK, France, Russia, China and Germany) reached a historic agreement on Iran’s nuclear program July 14.

This will allow Iran to supply its oil to the world markets in the future. After the lifting of sanctions, Tehran intends to increase production by 500,000 barrels per day (bpd) for a few months. The Iranian authorities plan to increase production up to four-seven million bpd by 2020.

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