Iranian authorities are going to increase oil production by 700,000 barrels a day in the near future, Shana agency cited Rokneddin Javadi, Managing Director of the Iranian National Oil Company (INOC), as saying.
“One of the goals of the sixth plan of Iran’s development is production of 4.7 million barrels of oil. In order to achieve this goal, we must increase production by 700,000 barrels,” Javadi said in his interview to the agency.
After lifting of sanctions Iran is trying to increase oil export to maximum to take back the lost share of the market. In particular, last week the country announced that it has no plans to keep back growth of oil production to join the proposal of Saudi Arabia and Russia to freeze growth of oil production with the purpose to stop decline of oil prices.