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Iran set to raise oil output by 250,000 bpd this summer

Iraqi Kurdish losses reach $2bn amid oil export halt Reuters/Essam Al-Sudani
SapuraOMV produced about 30,000 barrels of oil equivalent per day from its two Malaysian assets

Iran will produce an addition 250,000 barrels per day (bpd) of oil by the end of summer, the semi-official Tasnim news agency reported on Wednesday citing the head of the National Iranian Oil Company (NIOC).

“Iran’s oil production will reach 3.5 million bpd at the end of summer,” Tasnim cited NIOC managing director Mohsen Khojasteh-Mehr as saying.

The country’s oil exports have been limited since former US President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing Iran’s oil exports.

Last month Iraqi Prime Minister Mohammed Shia Al Sudani said Iraq would begin trading crude oil for Iranian gas to end recurring payment delays to Tehran due to required US approval for such transactions.

Sudani said Iran had cut gas exports to Iraq by more than half as of July 1 after Baghdad failed to secure US approval to disburse owed funds, but Tehran had now agreed to resume gas exports in exchange for crude oil.