Iran’s October crude and condensate exports are set to hold near five-year highs hit in September, a source with knowledge of its preliminary tanker schedule said, reflecting Tehran’s success in boosting shipments after Western sanctions were lifted.
The No. 3 OPEC producer is producing around 4.5 million barrels per day (bpd) of crude and ultra light oil condensate, according to local oil officials, while it has just about doubled its total exports since sanctions targeting its nuclear program were lifted in January.
Iran is seeking to raise its crude and condensate production to more than 5 million bpd by 2020, with its deputy oil minister saying on Monday that Iran’s output was now almost sufficient to agree to the group limit planned last month by the Organization of the Petroleum Exporting Countries.
Iran’s October crude oil and condensate exports are set at 2.56 million bpd, according to the preliminary tanker schedule, down from 2.60 million bpd in September.