Iran May Raise Oil Production to 4 mln bpd: NIOC Chief
- September, 05, 2016 - 11:55
- Economy news
TEHRAN (Tasnim) – A senior Iranian oil official said the country may raise its crude output capacity to 4.3 million barrels per day in the first three months of next year.
"We can increase crude production based on market requirement," said Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company (NIOC), Reuters reported.
He made the remarks at the Argus Crude Forum in Tehran.
The senior Iranian oil official added that NIOC may raise its production capacity to 4.3 million bpd in the first quarter next year and eventually reach 5 million bpd in two to three years.
Noting that the bulk of any new production would be heavy crude, Qamsari said, "We believe that the market is more in favor of heavier grades and that's why we are going to introduce a new one."
Earlier, Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said Tehran is ready to help restore balance to the oil market after it regains its pre-sanctions oil market share.
Iran now reportedly produces around 3.1 million bpd of oil. Anti-Tehran sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Tehran’s peaceful nuclear program and started implementing it on January 16.
The agreement terminated all nuclear-related sanctions imposed on Iran.