Oil production drops by 20,000 barrels in Iran

Oil&Gas Materials 4 January 2012 18:22 (UTC +04:00)

Azerbaijan, Baku, Jan. 4/ Trend M. Moezzi/

Iran's deputy oil minister said his country's oil production decreased by 20,000 barrels compared to last year, Islamic Students' News Agency (ISNA) reported.

Ahmad Ghalebani, Managing Director of the National Iranian Oil Company (NICO) did not give exact details about Iran's oil production but said it was in good shape. The minister added that he hoped bigger budget will give his ministry the resources to increase Iran's oil production. Deputy for Mr. Ghalebani said about 65 percent of previously set oil production goals was achieved.

The deputy oil minister expressed hope that Iran could partner with Kuwait and Saudi Arabia to develop the Arash oil field shared by the three countries.

When asked about the Strait of Hormuz, which is recently in the news because of Iran's statement that it could easily close the waterway, Mr. Ghalebani said he is not a political figure and can not comment except to say that the NICO's policy is to cooperate with all nations.

More than a third of the world's oil passes through the Strait of Hormuz.