Iran General NewsIran’s oil-output costs to quadruple in coming years

Iran’s oil-output costs to quadruple in coming years

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Bloomberg: The cost of producing each barrel will rise to $30 or more from $7 currently, the newspaper said, citing citing Gholamreza Manouchehri, an adviser to the head of National Iranian Oil Co. Bloomberg

By Ladane Nasseri

Iran’s oil-production costs will more than quadruple in coming years, Donya-e-Eqtesad said.

The cost of producing each barrel will rise to $30 or more from $7 currently, the newspaper said, citing citing Gholamreza Manouchehri, an adviser to the head of National Iranian Oil Co. He didn’t give a timeframe for the increase.

Iran currently allocates $20 billion a year to develop fields and $10 billion on maintaining output, the report said. In the next decade, maintaining production will cost $50 billion, with a similar sum required for development, it said.

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