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Oil in Global Economy Series: Iran wants to expand production by 3 million barrels per day

Iranian Oil ministry’s news service, ‘Shana’ reported on Monday said that Iran plans to lift its production capacity by as much as 3 million barrels per day, which will be equivalent to an 80 percent production boost. Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri said that the boost is aimed at promoting and stabilizing the country's footing in the Organization of Petroleum Exporting Countries (OPEC) and in the global market. Speaking on the sidelines of 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition, Mr. Manouchehri said that since January 2016, when the Iran nuclear accord was signed, Iran has signed 22 separate memoranda of understanding with domestic and international oil companies to develop oil and gas projects in Iran.

According to international statistics, Iran has the fourth biggest oil reserve and second biggest natural gas reserve in the world. However, the report by ‘Shana’ on the official’s comments does not provide any timeline for the capacity increase. However, these comments came at a time when the Iran is expected to join other OPEC producers to agree to the extension of the supply cut agreement reached in last November, which bars the country from producing more than 3.797 million barrels per day.

The OPEC data has shown that Iran has so far remained compliant with the deal. It produced a little more than the targeted production in February and covered it by producing less in March.

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