The fate of the oil market in 2016 depends in large part on a series of oil fields like Ahwaz, Gachsaran, Bibi Hakimeh, and Darkhovin. All of them are pumping crude buried thousands of feet under the hills of the Zagros mountain range in western Iran.
Bloomberg's report showed that Iran's return to the oil market comes as the world is producing more oil than it needs. This supports International Energy Agency (IEA), data which revealed that global oil production in the first half of 2015 averaged 95.7 million barrels a day, while average daily consumption came in at only 93.8 million barrels.
Since mid-2012 Iranian fields have been producing far below their capacity because of U.S. and European sanctions limiting Iranian oil exports.
Weeks before the first international oil conference held in years in Tehran - the capital and largest city in Iran and Tehran Province, in September 2015, Iran Oil Minister Bijan Namdar Zanganeh said “Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,”.
Now that Tehran has reached a deal with the Western powers to resolve the dispute over the country’s nuclear program, Iranian engineers are working to bring the fields back to full production.
Now that Tehran has reached a deal with the Western powers to resolve the dispute over the country’s nuclear program, Iranian engineers are working to bring the fields back to full production.
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