Iran courts major oil companies with $30 billion worth of projects

Iran is hosting a two-day conference in Tehran this weekend and pitching 70 oil and natural gas projects to foreign investors. Officials from the country expect all banking and economic sanctions to be lifted within five weeks and then the flood of money will come.

That will be followed by a flood of oil as Iran taps the world's fourth-largest proven reserves.

Here are so facts from Bloomberg:

  • Iran pumped 2.7 million barrels per day in Oct
  • Officials plan to boost output to 5.7 million bpd by the end of 2020
  • Exports fell to 1.4 million bpd last year from 2.6 million bpd in 2011 due to sanctions
  • Iran plans to sell an additional 500,000 barrels per day once sanctions are lifted
  • Iran hopes other OPEC countries will curb production as they ramp up (doubtful)
  • Iran doesn't expect a change at the Dec OPEC meeting

Officials from Iran have said the additional supply is priced into markets. I doubt it. WTI crude fell $1.33 to $41.71 on Friday.