Iran to raise crude output up to 4 mb/d by early 2015

A senior Iranian oil official underlined the oil ministry's technical capabilities to boost its revenues from production and exports of crude, and informed that Tehran is resolved to increased its oil production up to 4 million barrels per day (mb/d) by the end of the current Iranian calendar year (started March 21). “Given the current volume of oil production…the country’s daily oil output will reach 4mb/d by the end of the [calendar] year,” Director for international affairs at the National Iranian Oil Company (NIOC) Mohsen Qamsari said on Friday. He added that Iran’s Oil Minister Bijan Namdar Zanganeh has insisted on further oil production provided that Iran raises its exports. “At the moment, we are ready to increase daily oil production, but we should be able to boost oil exports at the same time,” Qamsari stated. Qamsari noted that the potential lifting of international sanctions against Iran will “facilitate oil exports” for the Islamic Republic. The Islamic Republic has 137.6 billion barrels of proven oil reserves, and 29.61 trillion cubic meters of proven gas reserves.