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.

By SHANA