Iran Seeks to Raise Oil Output by 700,000 bpd: Official
TEHRAN (Tasnim) – An Iranian deputy oil minister said Saturday the country plans to scale up its oil production by 700,000 barrels per day soon in the future.
"One of the goals of Iran's sixth development plan is to produce 4,700,000 bpd of crude oil. To achieve that we need to increase our production by 700,000," Rokneddin Javadi, who is also the chief executive of National Iranian Oil Company (NIOC), was quoted as saying by Shana news agency.
His remarks came after Russian Energy Minister Alexander Novak said in a statement following a meeting in Doha between Russia, Venezuela, Saudi Arabia and Qatar on Tuesday that the four countries are ready to freeze oil production at January levels if other producer countries do the same.
Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic outlook.