Iran to increase oil production capacity by year-end

Oil&Gas Materials 3 December 2013 12:16 (UTC +04:00)

Baku, Azerbaijan, Dec. 3

By Rahim Zamanov - Trend:

Iran plans to increase its oil production capacity up to 3.85 million barrels per day.

The country's current production capacity stands at 3.5 million barrels per day, the IRNA news Agency reported.

Iran's Oil Minister Bijan Namdar Zanganeh said during his term in office, the ministry's priority is to return Iran's oil capacity to that of the calendar year of 1384 (2005) which was around 4 million barrels per day.

The country's oil output capacity was 3.1 million barrels on the day the current administration started its work.

National Iranian Oil Company's managing director, Roknoddin Javadi, previously said that the process of increasing Iran's oil output capacity to 4 million barrels per day would take one year to complete.

However, he mentioned that the oil minister has not accepted the timeline yet.

Iran's crude oil exports have decreased from 2.2 million barrels per day (mbpd) in 2011 to less than 1 mbpd currently.

Iran's Oil Minister Bijan Namdar Zanganeh said on Oct. 27 that the country's crude oil income would reach $54.5 billion annually if the US-led sanctions over Iran's oil exports are eliminated.