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Page added on December 3, 2012
Iran plans to increase crude oil production, up to 5.2 million barrels per day by 2016
Iran’s oil minister has said the country plans to increase its oil production capacity to up to 5.2 million barrels per day by early 2016.
A Sunday report by state TV quotes Rostam Ghasemi as saying this requires some $300 billion investment in the oil industry.
He says current capacity is about four million barrels per day.
The remarks come as the country is struggling to sell crude oil due to Western sanctions over its disputed nuclear program, which the West suspects has a military dimension. Iran denies the charge.
According to the International Energy Agency, Iran’s oil exports plunged to 1 million barrels a day in July, after standing at the 1.74-million-barrel mark a month earlier. Crude oil exports account for about 80 percent of the country’s foreign revenue.
One Comment on "Iran plans to increase crude oil production, up to 5.2 million barrels per day by 2016"
BillT on Mon, 3rd Dec 2012 12:31 pm
IEA? And they have credibility? Not much! More pimps for big oil and the empire.
Why can’t Iran increase their production by 20% in 4 years? After all, the Us became energy independent in a few ‘news’ articles. What sanctions? Iran is selling it’s oil for gold. No dollars required. Amazing how many things they can import when they too are paying gold. Perhaps they opened a few Walmart knockoff stores, merchandise supplied by their pals in China?