Iran has announced its plans to double oil production by 2018. ICNA news agency reported quoting the Iranian Oil Minister Bijan Zangane that by that time it is planned to increase daily oil production up to 5.7 million barrels. According to OPEC, right now this index totals 3 million barrels.
For this purpose it is planned to increase investments into development of hydrocarbon resources. Moshtak Ali-Gokhari, chief of the Iranian National Oil Company, said that $14 billion will be invested into this field.
In its last report released in March 2014 the International Energy Agency (IEA) has increased the volume of Iranian oil export in February by 240,000 barrels up to 1.65 million barrels a day, though, according to the agreements reached with the leading world powers last year, Iran is allowed to sell no more than 1 million barrels of oil a day abroad, reported ITAR-TACC.
