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FinancialNews


  • 05-02-18

    Iran capable of increasing oil production, but settles on OPEC pact

    (MENAFN) Oil minister of Iran said that regardless of the country being able to increase its crude oil production by 100,000 barrels per day in less than few days but complying with OPEC, non-OPEC pact the country will keep it at the decided levels.

    He said: "Oil production from the West Karoun fields has currently reached 305,000 barrels per day, 145,000 barrels more than last year's 160,000 barrels."

    He also noted that the average daily oil output of Iran in the first ten months of the current Iranian calendar year has increased by 160,000 barrels compared to the figure for the last year's same period.

    He said that National Iranian Oil Company (NIOC) is currently negotiating with more than 20 foreign and domestic companies to sign contracts for the development of the country's oil and gas fields.

    MENAFN0502201800450000ID1096431259

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