Iran Still Intends to Increase Oil Production Ahead of OPEC Meeting

Major oil producer Iran has said it will increase its own oil output to pre-sanctions levels in the next few months, shrugging off the deal between Russia and Saudi Arabia to stabilize oil markets.

The National Iranian Oil Company’s (NIOC) director for international affairs told CNBC on Wednesday that Iran’s oil output had reached 3.8 million barrels per day and that it would increase production.

“Our current rate of production is slightly over 3.8 million barrels per day and before sanctions we were over 4 million,” said NIOC’s Seyed Mohsen Ghamsari, who was speaking at a petroleum conference in Singapore hosted by S&P Global Platts.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza