Malta-flagged Iranian crude oil supertanker ”Delvar” is seen anchored off Singapore March 1, 2012. Iran could increase its oil production by up to 1 million barrels per day within 12 months of sanctions being lifted, provided it can find buyers for the crude. In 2014, the country produced an average of just over 1,350 barrels per day (bpd) per well, from 2,280 wells, according to the OPEC Annual Statistical Bulletin ( link.reuters.com/xes25w ). In 2011, the last year before sanctions were tightened, the country produced an average of around 1,750 bpd per well from 2,025 wells. The reduction of 400 bpd in per-well output since 2011 gives some indication of how far the country has been forced to choke back the wells because it cannot find buyers for more crude. If Iran increased flow rates from the existing stock of producing wells by an average of 400 bpd, back […]