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Iran Plans to Increase Oil Production Capacity by 700,000 BPD within 4 Years

Source: Reuters 2/9/2018, Location: Asia

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Iran aims to raise its crude output capacity to 4.7 million barrels per day within the next four years, deputy Oil Minister Amir Zamaninia told a conference in Paris.

'We are striving - to be very cautious and not ambitious - for the next 3, 4 years we are planning to increase our production by about 700,000 taking our production to 4.7 million bpd,' Zamaninia said.

He added that it could rise to as much as 1 million if Iran was able to reach deals on the development of four of its oil fields with international companies.

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