Iran intends in the next five years to increase oil production

© AP Photo / Vahid SalemiНефтеперерабатывающий plant in Tehran, IranIran intends in the next five years to increase oil production© AP Photo / Vahid Salemi

Iran in the next five years intends to increase oil production by 20% — up to 5 million barrels per day, said the Iranian oil Minister Bijan Zanganeh.

In an interview with Reuters, the Minister said that the production growth due to the development of new fields and upgrading of technology on already developed sites.

In late April, Zanganeh said that Iran produces about 3.8 million barrels of oil a day.

OPEC agreed on 30 November 2016 to reduce output by 1.2 million barrels per day from October levels to stabilize oil prices. Iran under the terms of the transaction had the opportunity to increase production to pre-sanctions levels.