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Iran Oil Output Hike to Exceed Projections

Source: www.gulfoilandgas.com 11/1/2015, Location: Asia

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Iranian Petroleum Minister Bijan Zangeneh said Wednesday that Iran can and will boost its crude oil output more than the 500,000 barrels a day it previously pledged after the sanctions removal.

"Once the sanctions have been lifted, Iran's crude oil output will be more than what has been pledged," said Zangeneh on Wednesday reacting to skeptic oil analysts who had underestimated Iran's ability to raise its oil output by 500,000b/d one day after the sanctions removal.

"We are hopeful we will be able to display Iran's grandeur and its oil sector's competencies to the world by boosting our production," he said.

He said beside boosting its crude oil output, Iran will need to renovate its oil industry installations, adding, "Most of Iran's oil facilities are worn-out and are hard to run; we must raise our production capacity by practicing prudence, keen intellect and exploitation of opportunities in the post-sanctions setting."

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