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Iran expected to witness swift decline in oil production - expert

tehran oil

The Joint Organisations Data Initiative (JODI) revealed that Tehran has concealed the data of its oil exports from June to August this year, which may indicate a sharp collapse in its exports.

Until the end of May, Iran had been committed to announce the volume of crude oil exports to the joint initiative every month.

An economic expert said in a press statement that the decline in Tehran's production in the past period is only the beginning of the real decline expected next month.

According to the latest data provided by Tehran to JODI, the volume of its oil exports had reached 2.118 million barrels per day.

Economist Mohammad Salameh says Tehran's concealment of its oil data asserts international reports announced on a decline in Tehran's exports.

He added that the expectations of oil institutions indicated a decline by about 500,000 per day, in the months following the withdrawal of the United States from the nuclear deal.

The chief executive of the Italian multinational oil and gas company Eni, Claudio Descalzi, said months ago that Tehran's oil production could drop by about 1 million bpd due to the US sanctions imposed on Iran.

Salameh said hiding the volume of exports would only affect Tehran, adding that the drop in the Iranian exports would significantly reduce foreign exchange in the country which is already decreaing.


Last Modified: Monday، 22 October 2018 05:08 AM