New brand of Iranian crude to hit markets

New brand of Iranian crude to hit markets

Tehran, Sept 6, IRNA – New brand of Iranian oil will enter world markets by end of this year on March 20, Director of the International Affairs Department of National Iranian Oil Company Mohsen Ghamsari said on Tuesday.

Iran's oil production has now reached 3,850,000 bpd and it is estimated to reach four million barrels by end of the current Iranian year.

Furthermore, export of crude rose to 2,100,000 bpd in Iranian month of Mordad (July 22-August 21).

The shared fields west of Karoon are to win major share in production and exports of Iranian crude.

There are five joint fields west of Karoon, including South Azadegan, North Azadegan, Yadavaran, Yaran Shomali and Yarn Jonoubi.

Since the fields are shared with Iraq, so their exploitation have priority.

Once project for development of parts of the fields is fully implemented, their production will increase to 300,000 bpd.

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