The managing director of Pars Oil and Gas Corp. and the former oil minister Akbar Torkan said, “At the moment, on average, we produce four million bpd of crude. But without new investment, five percent of this production capacity will be gone every year,” ISNA reported (8 July).
In the 1 July posting in this blog, “The Coming Oil Crisis”, we calculated the diminishing rate of production to be at 8% a year. The decrease plus the annual 2% increase in domestic demand for oil would lower Iran’s oil exports by 10% annually. Out of 4 million bpd of oil production, some 2.4 million bpd is currently exported. At this rate, Iran will run out of oil export by 2014.