Iran will increase oil production by 700 thousand barrels per day


“One of the objectives of this sixth five-year development plan is the production of 4.7 million barrels per day. To achieve this, we need to increase production by 700 thousand barrels,” – said the executive director of the National Iranian Oil Company Roknoddin Javadi.

According to him, Iran intends to increase oil exports to Europe. “By the end of this month we will send a new batch of oil to Europe. It will be the second one after lifting of the sanctions”, – he said.

Such a statement is a clear answer to the alleged agreement on freezing the oil production, which, according to media reports, Iran could have taken a part in. But Iran suggests another scenario: if someone freezes the production, Iran will take over their market share. After the lifting the sanctions it is important to them to regain lost markets, and possibly attract new clients.