TEHRAN, Iran — Iran’s crude exports nearly tripled between November 2015 and May 2016. The state-run National Iranian Oil Company (NIOC) hit pre-sanctions levels of sales late this spring, shipping out 2.6 million barrels per day (bpd) — the same level as in 2011. Meanwhile, Petroleum Minister Bijan Zangeneh has vowed that Iran will further boost its crude output from 3.64 million bpd to 4.8 million bpd in the next five years to regain its pre-sanctions OPEC market share of 14.5%.
To realize this ambition, Iran will need to fund a significant expansion of its maintenance, repair and overhaul industry. As such, it will need billions of dollars in foreign investment. Thus, the June 12 replacement of NIOC Director Roknoddin Javadi can be seen as in line with the Iranian oil industry’s new requirements.