Oil production targets achievable

Months after Iran’s Oil Minister Bijan Namdar Zanganeh pledged to return oil production capacity to 4 million barrels per day, another official said on Sunday such short-term targets can be realized without any foreign help. 

The Oil Ministry plans to boost the country’s oil production capacity to 4.2 million barrels per day, Hojjatollah Ghanimifard, the head of Iran’s Oil Market Studies Department, echoing earlier comments by Zanganeh, Tasnim News Agency reported.

Speaking on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Washington, Ghanimifard insisted that Iran’s oil industry can achieve its goals by relying on its own capabilities.

“The oil industry is at a stage where it does not need any foreign assistance to reach short-term targets,” he said.

Earlier in August, the oil minister that the country’s oil production must exceed four million barrels per day in order to undo US-engineered sanctions.

“An increase in Iran’s oil output will boost bargaining power in international bodies, including OPEC, thus the oil production capacity must immediately increase to above four million bpd through enhanced oil recovery techniques,” Zanganeh said at the time.

By Zawya


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