Iran can lift oil output “immediately” by 500,000 b/d

NIOSC chairman and chief executive officer Bijan Alipour
For full coverage of business developments in Iran and the Middle East, see MEED

Iran can increase its crude oil output “immediately” by 500,000 barrels a day (b/d) following the relaxation of nuclear-related sanctions on the Islamic republic, National Iranian South Oil Company (NISOC) chairman and chief executive officer Bijan Alipour was quoted as saying today by Iran’s Shana newsagency.

A second boost in Iran’s output will add another 500,000 b/d to the country’s output, he said.

NISOC is Iran’s biggest crude oil producer and accounts for 83 per cent of the Islamic republic’s output.

“The company has levelled all the necessary preparations for the boost and there will be no concerns for the 500,000 b/d raise after the sanctions removal,” Alipour was quoted as saying by Shana.

Shana reported Alipour as saying that, once the company receives instructions from the ministry of petroleum, it can reach the pre-sanctions production level within a “three-day period.”

“NISOC faces no limits in supplying crude oil for exports to world markets and providing feedstock to petrochemical plants and refineries of the country,” Shana reported him as saying.

Alipour is also a director of the National Iranian Oil Company (NIOC).