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News // Middle East and OPEC

Seyed Mohsen Ghamsari: Based on demand, Iran ready to boost oil output to 4 mln bpd

06 September 2016 , 14:15Neftegaz.RU1081

Iran is ready to raise its oil production to 4 million barrels per day (bpd) in the next two to three months depending on market demand, the director for international affairs at NIOC said on September 5, 2016.

 

Seyed Mohsen Ghamsari, stated At the Argus Crude Forum that «We can increase crude production based on market requirement.»

Iran's plans to return output to pre-sanctions levels of more than 4 million bpd comes just ahead of an informal meeting later this month among members of the OPEC in Algeria, where they are expected to seek to revive a deal on freezing global output.

OPEC's third-largest producer is currently producing a little over 3.8 million bpd, Ghamsari said.

 

Iran had been under multiple years of sanctions that limited its oil exports to 1 million barrels per day and also barred foreign investments in its oil industry.

Shortly after the removal of the sanctions, Iran increased its oil production by several hundred thousand barrels per day.

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