Islamic Republic of Iran oil production to increase 1m bpd by 2015

Head of National Iranian Oil Company (NIOC) Ahmad Qalebani said the Islamic Republic of Iran will increase its crude oil production 1 million barrels per day by the year 2015.

“By the end of fifth Five-Year Plan (2015), Iran’s production will reach 5 million and 100 thousand barrels a day, which has an important role in its status in OPEC,” said Qalebani.

Speaking to reporters on Tuesday evening, Qalebani said Iran’s status in OPEC depends on two issues of production capacity and oil reserves in the country.

He said Iran is currently producing about 4 million barrels a day which will increase by 50 thousand barrels at the end of current Iranian year.