Iran’s oil output to hit 4 mln barrels per day within next month

Business Materials 13 July 2016 13:25 (UTC +04:00)

Baku, Azerbaijan, July 13

By Khalid Kazimov – Trend:

Iran is planning to produce four million barrels of oil per day as of late August, a senior oil official said.

Ali Kardor, the head of the National Iranian Oil Company (NIOC), said Iran’s oil output will reach four million barrels as of Iranian calendar month of Shahrivar (starting August 22), Mehr news agency reported July 13.

He also voiced his company’s plan to increase oil exports to 2.8 million barrels per day in future.

According to Kardor, the country has already reached 11 memorandums of understanding (MOUs) with international companies on developing Iran’s oil industry.

In this regards, several companies from Europe, China and Russia have signed MOUs with Iran, he added.

In a monthly report published on July 12, OPEC announced that Iran’s crude oil production reached 3.644 million barrels per day in June, about 77,800 barrels per day more than in May.