By the middle of this year Iran will increase oil production up to 3.5 million barrels a day - JP Morgan

Almaty. April 1. Silkroadnews - By middle of 2016 Iran will raise the oil production to 3.5 million barrels a day, said the forecasts by the US bank JP Morgan posted in the report Trend received.

For the second quarter the analysts expect oil production in the country at 3.3 million barrels per day compared to 3.1 million barrels per day in the first quarter.

At the end of this year the average daily oil production in Iran is projected to reach 3.3 million barrels per day (compared to 2.8 million barrels in 2015).

For 2017 JP Morgan analysts forecast the average daily oil production in Iran to stand at 3.5 million barrels a day despite the fact that within the last quarter of next year production is expected to rise to 3.6 million barrels per day.

In the period following the western sanctions removal Iran intends to increase oil production to 4 million barrels per day. Prior to the sanctions removal (in January) Iran could export only 1 million barrels per day.

Iranian production in February reached 3.132 million barrels per day, having increased by 187.8 thousand barrels, which became a record for the region, according to the monthly report of OPEC.

JP Morgan analysts believe that an additional 0.5 million barrels of Iranian oil a day will result in oil glut in the second quarter of 2016.