As if things weren’t bad enough in Oklahoma’s oil patch, now comes word that Iran plans to hike its oil exports by nearly a quarter in the first few months of the Persian New Year which started last weekend, acording to Genscape.
Iran’s production in January and February were not what was expected and totaled another 250,000 to 310,000 barrels a day. Experts had thought Iran’s production in those two months would have been twice what was added.
Genscape tracks the movements of oil vessels and estimates iran’s oi lexports rose by 480,000 barrels a day in January and February. It was just last week when Iran’s first Vice President Eshaq Jahangri said his country would increase exports by 2 million barrels a day after the start of the calendar year beginning March 20. Iran’s current exports total 1.58 million barrels a day. Whether Iran really increases exports by another 2 million barrels a day doesn’t impress the experts at the International Energy Agency. They tend to think the increased exportation will amount to about 600,000 barrels a day at most.
