News ID: 138739
Published: 1006 GMT March 30, 2016

Iran can add 500,000 bpd oil supply in a year - IEA chief

Iran can add 500,000 bpd oil supply in a year - IEA chief

Iran is expected to add half a million bpd of oil supply within a year from its existing oilfields since sanctions were lifted last January, but developing new fields would take time, the head of the International Energy Agency said on Wednesday.

were profitable to the international investors and also that there was predictability in the markets, Fatih Birol, IEA's executive director told Reuters.

Birol's estimate of Iran's supply increase from existing oilfields was in line with previous market estimates, wrote IRNA.

And increases in Iranian gas supplies would come after oil, he said.

'It was misleading to believe that there would be a huge amount of new Iranian crude and natural gas production entering market in the short term,' Birol said on the sidelines of an event in Beijing to mark the 20th anniversary of cooperation between China and IEA.

'It would take some time in terms of developing new oilfields, finding transmission routes and having the necessary market conditions.'

Iranian oil officials were hoping for a quick rebound in oil sales to European clients, which accounted for over a third of Iran's exports, or 800,000 bpd, before the European Union imposed sanctions in 2012 over nuclear program.

The IEA chief said that may take some time too given ample supply in the market and lack of growth prospects in Europe.

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