Iran oil output to rise 700,000 b/d in 3 years

TEHRAN May 07(Shana)–Iran would raise its oil production by 700,000 b/d by March 2018 by investing $20 billion in its oil sector, a senior official said.

Rokneddin Javadi, managing-director of National Iranian Oil Company (NIOC), said this output hike would be achieved by investing in West Karoun oil fields in southwestern Iran.

He said that “Iran’s oil exports currently comply with OPEC data”, adding that Iran has not stored much oil on sea.