Iran to boost oil output to 4.7m bpd: Minister

EghtesadOnline: Minister of Petroleum Bijan Zangeneh said that Iran is planning to increase the capacity of oil production to 4.7 million bpd in the long-term.

News ID: ۷۷۶۷۲۲

03 June 2017

He made the remarks in an exclusive interview with Argus media based in London, IRNA reported.

According to OPEC's monthly reports, the February figures said that Iran's oil output has increased and it is reaching 3.8 million barrels per day.

Zangeneh said in the meantime that Iran will be bound to OPEC decision for oil cut.

OPEC (Organization of the Petroleum Exporting Countries) member-states in their 172nd meeting in Vienna on May 25 agreed to extend production cuts for nine months.

Minister of petroleum referred to Iran’s oil export destinations in southeastern Asia, adding that Tehran plans to diversify its oil markets and export oil to Africa and Europe, including northern Europe.

New customers of Iran's oil, including France’s Total, Italy's Eni and Russia's Lukoil are transferring oil from Iran to Europe, Zangeneh noted.

The minister also confirmed that Iran sells 100,000 bpd of oil to a Russian oil company.

Elaborating the effects of US new government policies on Iran international companies’ cooperation with Iran, he said that there is no sign of negative effect.

“We are close to reaching a deal with Total for development of South Pars phase 11,” Zangeneh noted.

He explained Iran’s talks with other international oil giants and said that negotiations are underway with Denmark’s Maersk, Russia’s Lukoil, Indonesia’s Pertamina, Russia’s Gazprom and Germany’s Wintershall companies for development of oil fields in Iran.