Iran to boost oil output to 4 mbpd
Tehran, Iran, April 6
By Mehdi Sepahvand - Trend:
Iran plans to increase its oil output to 4 mbpd in the current Iranian fiscal year (which will end on March 20), the country's Oil Minister Bijan Zanganeh said.
He explained that this year's budget plan emphasizes the daily export of 2.25 million barrels of oil and gas condensates which means a production beyond 4 mbpd, IRIB news agency reported April 6.
Iran has announced its intention to boost oil output after it was freed from sanctions in January. The country managed to improve export from 1 million barrels per day to 1.35 million barrels per day from the day sanctions were lifted to late March.
Iran used to export 2.3 million barrels per day of oil before sanctions were imposed. Some OPEC members have used the country's partial absence from the organization's basket to produce beyond their official quotas.
Saudi Arabia, which started a race of plunging oil prices over a year ago recently called on Iran to join some major producers in a campaign to freeze their output boost.
Iran has rejected the call, asserting its intention to make up for the damage it has suffered due to the sanctions.