IRAN MAINTAIN 1MB/D
Iran anticipates maintaining crude exports at about 1 million barrels a day until at least July when a deal with global powers over its nuclear program will be renewed or expire, the nation's deputy oil minister said.
Iran is producing about 2.7 million barrels of crude a day, Ali Majedi said today in Dubai. Output may rise to as much as 3.7 million barrels daily within six months of sanctions being lifted, he said, adding the move would also open the nation's energy industry to investment.
The nation plans to outline a new oil development contract at a conference in London by November, offering overseas partners incentives. "We will introduce the new contract, plus some of the oil and gas fields for development," Majedi said at the Middle East Petroleum and Gas Conference.
Iran, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries, is discussing limits to its nuclear program in exchange for the removal of sanctions on its financial and energy industries. The U.S. and allies say Iran is seeking to develop atomic-weapons technology, a claim Iran denies. An interim deal between the parties expires on July 20.
The revised oil contract terms will allow for flexible payments to international companies based on crude prices and development risk, the minister said.
The country is also seeking international buyers for its gas next year when the expansion of offshore fields will boost production levels to more than domestic demand, Majedi said.
"Iran plans to increase gas exports once domestic demand is saturated," he said. "Pipeline export is preferred to liquefied natural gas shipments" for sales to markets including Europe, Majedi said.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.