Iran’s Oil Production Outlook

According to “Tehran Times”, Iran’s oil production would touch 6m bpd by 2025 according to OPEC’s quota. The production would gradually increase from 4.3m bpd in 2005 to 4.6m bpd by 2010. According to a report by Deputy Office for Planning of the Ministry of Oil, the worldwide per annum demand for oil and natural gas is expected to grow by %1.7 and %3.1 respectively. Furthermore, Iran’s gas production is going to be 206b cubic meters for 2005, and it would rise to 342b and 519b cubic meters by 2010 and 2025 in that order. Also OPEC’s oil production is estimated to be at 50m bpd by 2020 and the organization would maintain to be (particularly ME region) the top energy supplier of the world while the world may experience its peak consumption in 2009. In the next 20 years, natural gas share of consumption would stand second to oil and coal use would find the 3rd place.