News ID: 209734
Published: 0331 GMT February 09, 2018

Iran plans to raise oil output capacity to 4.7 mbd

Iran plans to raise oil output capacity to 4.7 mbd

Iran aims to raise its crude output capacity to 4.7 million barrels per day (mbd) within the next four years, said a deputy oil minister.

According to Reuters, Amirhossein Zamani-Nia further said, "We are striving — to be very cautious and not ambitious — for the next three, four years we are planning to increase our production by about 700,000 barrels to take our production to 4.7 million bpd."

He added that it could rise to as much as one million barrels if Iran was able to reach deals with international companies on the development of four of its oilfields.

Iran's export of crude oil and gas condensate amounted to nearly one billion barrels in 2017 in a year that OPEC and other producers stepped up efforts to keep a lid on supplies and drain bloated inventories.

The country shipped around 777 million barrels of crude oil and 180 million barrels of condensate last year, averaging 2.62 million barrels a day.

That breaks down to 2.1 million bpd of crude and 490,000 bpd of condensate.

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