Oil Production Capacity to Increase by 700,000 bpd

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 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.

(Source: NIOC)

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