Iran's NIOC has opened the possibility of the country raising its crude production capacity to 6mn b/d
"Although many are reluctant to return to this production… with the approach we have already begun adopting over the past two years regarding increases in the recovery factors at out fields… ramping up to this capacity is possible," NIOC managing director Ali Kardor said.
Iran says its crude production capacity was as high as 6mn b/d before the Islamic Revolution in 1979. Since the lifting of all nuclear-related US and EU sanctions on Iran in January 2016, the country has raised production by around 1mn b/d to near full-capacity. Argus pegged Iran's crude output at 3.83mn b/d in September, level with August.
Kardor said Iran expects to raise its crude capacity to "between 4.5mn and 5mn b/d" by the end of the current five-year development plan in March 2022, and to as high as 6mn b/d "in the second year" of the following development plan.
"Reaching this capacity will be possible using optimal management methods, foreign capital and modern-day technologies," Kardor said.