Iran’s oil production rose by 11 % in the first four months of the current Iranian year which started March 21.
Iranian deputy oil minister for planning and supervision, Mansour Moazzemi, said that Islamic Republic will increase its oil output by 700,000 barrels per day (bpd) in the next three years.
Earlier in the year, the director for international affairs at the National Iranian Oil Company (NIOC), Mohsen Qamsari said oil output would reach four million bpd by March 2015, noting that the potential lifting of US-led sanctions against Iran would help facilitate oil exports.
Iranian oil Minister Bijan Namdar Zanganeh also said on Monday that the country plans to increase natural gas production by 200 million cubic meters per day by March 2015.
Iran’s oil reserves are currently estimated at over 560 billion barrels, with 140 billion barrels of recoverable oil.
