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Iran plans to increase oil production capacity by 700,000 BPD within 4 years

An oil pump is seen operating in this file photo.(Reuters)
PARIS: Iran aims to raise its crude output capacity to 4.7 million barrels per day within the next four years, deputy Oil Minister Amir Zamaninia told a conference in Paris.
“We are striving — to be very cautious and not ambitious — for the next 3, 4 years we are planning to increase our production by about 700,000 taking our production to 4.7 million bpd,” Zamaninia said.
He added that it could rise to as much as 1 million if Iran was able to reach deals on the development of four of its oil fields with international companies.

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