About 500,000 bpd is believed to be made up of condensate, leaving crude exports at about 2.5 million bpd. NIOC’s crude production, which has been rising over the past year, will reach its official target of 4 million bpd by the end of March, said NIOC managing director Ali Kardor.

Iran’s crude exports were thought to have plunged to about 1 million bpd at the height of international sanctions.