Oil production to hit 4.8mn bpd in 5 years

TEHRAN, Jun. 04 (MNA) – Oil Minister Zanagneh has said Iran seeks to reach a daily oil production of 4.8 million barrels in the coming five years.

Speaking to reporters on the sidelines of the 169th ordinary meeting of OPEC, Iran’s Bijan Zanganeh voiced the country’s readiness to support the efforts of OPEC in regulating the market; “we would accelerate OPEC’s measures though the organization has not taken any appropriate steps yet.”

Pointing to oil price changes over the past few weeks, the official said “I believe that the market plays its role well in accordance with its nature.”

Zanganeh emphasized Iran’s support for the return of quota system maintaining “production ceiling would not benefit any members of OPEC as each member states needs to have a specific quota.”

Numerous domestic and foreign experts believe that OPEC producers will not reach any conclusion on the return of quota system during the upcoming summit and member states will retain their preferred production level.

Oil minister also commented that Iran currently produces 3.8 million barrels of crude oil per day saying “the figure will soon exceed four million barrels.”

“More than two million barrels of Iranian crude were exported in May,” stressed the official adding “upon reaching pre-sanction levels, Iran will further increase oil production.”

He commented “ongoing negotiations with international companies over developed and undeveloped oil fields indicate that the country seeks to escalate production and export levels.”




News Code 117082


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