Azerbaijan, Baku, Dec. 6 / Trend M. Moezzi/
Iran's oil production has dropped to 3.5 million barrels per day, the National Iranian Oil Co.'s (NICO) managing director admitted.
NICO managing director, Ahmad Ghalebani confirmed OPEC's report of the drop in Iran's oil production and said Iran will increase its production to 5 million barrels per day in the next four years.
In its latest official report, the Organization of Oil Exporting Countries (OPEC) said Iran produced 23,000 fewer barrels of oil in October. The country's oil output stood at78,000 barrels less than in the first three months of 2011.
Iran produces 3.5 million barrels of oil a day and has the capacity to produce 4.2 million barrels per day, Ghalebani told Reuters at the World Petroleum Congress in Doha, Qatar.