Iran’s oil income hits $34b in 9 months: minister

TEHRAN, Jan. 11 (MNA) – Iran earned $34 billion through exporting crude oil and gas condensates in the first nine months of the current Iranian calendar year, which began on March 21, Iranian Oil Minister Bijan Namdar Zanganeh said on Thursday.

During the first nine months of the year, $34 billion worth of crude oil and gas condensates were exported, he said, adding that $32 billion has been deposited to the state coffers.

Of the total oil revenues, 14.5 percent will be paid to the National Iranian Oil Company, 26 percent will be deposited to the National Development Fund, and the rest will be deposited to the state coffers, Zanganeh explained.

On Monday, Zanganeh said that the return of Iran to oil markets will not lead to a decrease in prices.

In a message to members of the Organization of Petroleum Exporting Countries (OPEC), Zanganeh also said that unconventional oil production from shale reserves by non-OPEC countries will not be a threat to OPEC. He supported OPEC’s policy for stabilizing its ceiling output at 30 million barrels per day.

On December 3, Zanganeh said Iran could boost production to 4 million barrels a day next year if sanctions are lifted. The nation is currently exporting about 1.2 million barrels a day and has earmarked 1.5 million barrels of daily sales in its budget, which includes 300,000 barrels of condensates.

The Iranian minister has invited French Total, Royal Dutch Shell, Norwegian Statoil, Italian Eni, and British Petroleum as well as U.S. Exxon and Conoco companies to develop oil projects in Iran.

Iran has urged other OPEC members to make room for its eventual return to oil markets after it reached an interim deal with world powers over its nuclear program in November.

The International Energy Agency has said global oil demand will be higher than expected next year and that could push up oil prices amid persistent production disruptions.


MNA
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