Iran says crude exports to reach 1.5 mln bpd by March

Iran plans to increase crude oil exports by 200,000 barrels per day (bpd) to 1.5 million bpd by the start of the Iranian year on March 20, Vice President Eshaq Jahangiri was quoted as saying on Saturday.

"Today our oil exports have reached 1.3 million barrels a day, and by the end of the (Iranian) year will reach 1.5 million barrels a day," Jahangiri was quoted as saying by Shana news agency.

“In the early parts of the next year, they will reach 2 million barrels a day… Iran must preserve its share of the global oil market,” he added.

Oil traders, particularly in Saudi Arabia, are closely watching Iran’s oil exports after the lifting of international sanctions on the country in January.

Shortly after its economic isolation ended, the country made its first European sales to Greece’s Hellenic Petroleum.

In the nine-month period that ended in December, Iran produced 35 million metric tons (MT) of petrochemicals, with 14.3 million MT being exported and 10 million MT being sold domestically, Shana reported.

Write to Matthew Watson at matthew.w@argaamplus.com