Iran boasts of oil production capacity

Iranian oil exports should increase because of the national capacity to produce oil products, a director the National Iranian Oil Co. said. Iran is eager to breathe new life into an energy sector handicapped by Western economic sanctions. Mohsen Qamsari, director of international affairs for the NIOC, told the Oil Ministry's news website Shana the country was working to expand its oil tanker fleet to boost exports. "Our country's capacity for production of crude oil and oil products is on the rise, which will pave the way for boosting exports," he said Tuesday. In its latest monthly market report, the Organization of Petroleum Exporting Countries said, based on direct communication, Iran's crude oil production declined 5 percent from August to September to 3.5 million barrels per day Tehran last week said it was working to develop a new framework for oil contracts to overhaul the energy sector. Western sanctions on Iran's energy sector are designed to starve it of revenue it could use to finance its controversial nuclear program. If they ease, Tehran says, Iran may become a premier attraction for foreign investors.