February 8, 2018 / 4:39 PM / a year ago

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

PARIS (Reuters) - 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.

Reporting by John Irish and Parisa Hafezi; Editing by Adrian Croft

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