Iran to raise oil production to 5.7 million barrels per day by 2021

Almaty. July 12. Silkroadnews – Iran intends to raise oil production up to 5.7 million barrels per day by 2021, which is almost 1.5 times increase compared to the current production volume, IrTAG reports.
The statement, the inform agency reported, was made by Amir Hossein Zamaninia, deputy minister of Petroleum for Trade and International Affairs, on the sidelines of the 22nd World Petroleum Congress.
“We expect oil production to reach 5.7 million barrels per day by 2021. Currently, production is slightly less than 4 million, about 3.9 million”, deputy minister said.
He also added, the country intends to increase gas production as well. “By the end of 2021, it is expected to reach around 1.65 billion cubic meters”, A.H.Zamaninia said.
To remind, on November 30, 2016, for the first time in a long period OPEC states decided to reduce oil production by 1.2 million barrels per day to 32.5 million barrels. Later, on December 10, 2016, non-cartel countries also agreed to cut production by 558 thousand barrels per day. The reduction began in January 2017. On May 25, 2017, both OPEC and non-OPEC countries agreed to extend the agreement on oil production reduction for another 9 months, until the end of March 2018. With this, Iran, under the terms of the agreement, on the contrary, got an opportunity to increase production up to pre-sanctions level of slightly over 4 million barrels per day. After lifting the restrictions in January 2016, the country seeks to increase oil exports to regain its market share lost cause of international sanctions.