Iran plans to reach 4 million bpd in two weeks

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Iran plans to raise oil production up to 4 million barrels per day during the next two week, Platts.com informs. According to a senior National Iranian Oil Company official, today the country produces about 3.89 million barrels of crude oil daily.

Besides, NIOC managing director Ali Kardor told journalists on the sidelines of a conference in Tehran on Monday that the country also hopes to increase its exports volumes from the current 2.2 million barrels per day to 2.4 bpd.

"We think we will be able to export 2.5 million bpd [by the end of the Iranian year], and gas condensates will be 500,000 bpd then," Kardor said.

In his speech at the conference oil minister Bijan Zanganeh claimed that Iran aims at reaching production of 4.03 million bpd by next March. This is almost as high as the pre-sanctions level of crude oil production of 4.085 million bpd, Deputy Oil Minister for International and Commercial Affairs Amir Hossein Zamaninia told media. He also pointed to the fact that the country needs to reach the planned level before discussing any production freeze within the framework of the OPEC agreement.