Can you believe it? Iran's oil production averaged 3.2 million barrels per day in the first quarter and is expected to reach 4 million barrels next year
In the first quarter of 2024, Iran sold an average of 1.56 million barrels of oil per day, and exported a total of 142 million barrels of oil in the first quarter, almost all of which went to China, the highest since the third quarter of 2018, according to information released by data company Vortexa.
Iran says it has broken U.S. and European sanctions
According to Iranian media, the number of oil exports has reached a new high, indicating that the dream of the United States, the European Union and Israel seeking economic sanctions against Tehran for many years has been dashed, and it also marks the great difficulties that these hegemonic countries are facing in imposing obstacles to Iran's economy and trade.
Fernando Ferreira, head of geopolitical risk services at the American Lapidan Energy Group, said: "The Iranians have mastered the art of circumventing sanctions". The U.S. Energy Agency previously wrote that Malaysia is a transit point for Iranian and Venezuelan oil sales to China.
This is also the reason why Iran claims that a large amount of oil is sold to China, but "Iran and Venezuela are not visible" in the crude oil import channels announced by the General Administration of Customs of China. Nansheng reminded everyone that this was said by the U.S. Energy Administration, and it has not been officially confirmed by the mainland, Malaysia, and Iran.
Iran's oil minister, Javad Ogi, said last month that oil exports generated more than $35 billion in revenue in 2023. On another occasion, he said that while Iran's enemies want to stop their operations to export oil, "today we can export oil wherever we want with minimal discounts."
Earlier this month, the U.S. Energy Agency (EIA) said Iran's oil production rose to 3.25 million b/d in March 2024, up 20,000 b/d from the previous month.
Iran produced an average of 3.2 million barrels of oil per day in the first quarter of this year, with a cumulative total of more than 290 million barrels, the report said. According to the conversion of one ton equivalent to 7.3 barrels, Iran's oil production in the first quarter was nearly 39.9 million tons, ranking in the United States, Russia, Saudi Arabia, Canada, and China.
After Iraq and Brazil, it ranks eighth in the world. Iranian media said oil production in the first quarter of this year increased by 10,000 b/d from the fourth quarter of last year and 630,000 b/d from the first quarter of 2023, the highest increase in output among OPEC members.
Iran signed an oil contract worth $13 billion
Iran said there was more than one piece of good news, with six of its fields signing contracts in the near future. During the term of the contract, if the buyer buys the agreed quantity, Iranian oil production will increase by an average of 400,000 barrels per day, which will bring in $15 billion in revenue.
Iran's oil minister said there are also some projects that will be announced in the second and third quarters of 2024. Iran's oil production and exports are expected to rise again, while also creating about 66,000 jobs.
By the end of the year, Iran's oil production is expected to increase from the current 3.2 million barrels per day to 3.6 million barrels per day. In the near future, this volume is likely to climb to the high target of 4 million barrels per day, and oil exports are expected to approach or reach an average of 2.5 million barrels per day.
Iran's oil minister said he dared to put forward this target because "negotiations are underway with partner countries, and 50 new investment projects worth $47.5 billion are expected," and if you add related supporting projects, the total number of projects will reach 182, worth $76 billion.
Iran's oil minister reminded everyone that Iran has not only oil, but also gas. In other words, the potential for energy cooperation between China and Iran is enormous. Overall, Iranian officials' confidence is ample but new sanctions are being prepared by the United States, Europe and Israel.
Israel's aggressive threat of war is growing, and uncontrollable geopolitical fluctuations in the Middle East will greatly affect Iran's oil extraction activities, which in turn will be detrimental to the strategic goal of large oil exports. In other words, Iran still has a lot of work to do. This article was written by Nansheng, if you want to reprint it, please contact me for authorization!