Mohsen Paknejad was appointed Iran’s new oil minister on 21 August, securing the assist of 222 out of 288 MPs. Mr Paknejad has had a two-decade profession within the trade, serving in varied positions inside each the ministry and state oil agency NIOC (MEES, 16 August). Outlining his program to parliament, the brand new oil minister promised to hold on with plans so as to add 400,000 b/d to crude oil capability, vowing to attain this by the tip of the following Iranian calendar 12 months in March 2026.
Pushed by exports to China and lax US sanctions enforcement, oil manufacturing has risen to round 3.2mn b/d to date this 12 months, however stays properly beneath Iran’s claimed 3.6mn b/d capability. The plan would require authorities funds (MEES, 31 Might) in addition to funding by personal Iranian companies (MEES, 22 March), and is extremely unlikely to be achieved in lower than two years. (CONTINUED – 184 WORDS)
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