Iran to increase the daily oil production to 4 million barrels

By March 20, 2017 the Islamic Republic of Iran will increase the daily oil production to 4 million barrels. This was stated by the head of Iranian national oil company Ali Kardor, IRNA reported.

Meanwhile, an agreement with OPEC provides, that Tehran will not exceed the level of 3.79 million.

The official expressed a confidence, that by the end of the year, oil exports will reach 3 million barrels per day. Kardor noted, that in December of 2016 Iran reached a record volume of oil exports to Europe: 0.9 million barrels per day, according to TASS.

As reported earlier, in late November of 2016, OPEC members decided to cut the oil production to 32.5 million barrels per day. It was announced, that in the first half of 2017, the members of OPEC will reduce the average of daily production for nearly 1.2 million barrels.

The OPEC made an exception for Iran, as it recently came out of international sanctions. OPEC’s allowed Iran to increase the production by 90 thousand barrels per day: up to 3.797 million barrels per day.



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