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Iran Aims to Raise Oil Output to Pre-Sanctions 4Mln Barrels Per Day

© REUTERS / Raheb Homavandi/FilesA gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, in this July 25, 2005 file photo
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, in this July 25, 2005 file photo - Sputnik International
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Oil production in the Islamic Republic of Iran exceeds 3.8 million barrels a day with the target of reaching the 4-billion mark, Iranian Oil Minister Bijan Zangeneh said Wednesday.

Oil production. - Sputnik International
Iran's OPEC Official Rules Out Colluding With Cartel to Curtail Production
VIENNA (Sputnik) – "We produce more than 3.8 million barrels a day and expect to reach 4 million," Zangeneh told reporters in Vienna.

He added that Tehran was pessimistic about the likelihood that the the Organization of the Petroleum Exporting Countries (OPEC) session on Thursday would freeze oil production.

"We are against the freeze. Our main goal is to determine the quotas for each country, but we do not look optimistic that such an agreement can be reached," Zangeneh stressed.

Oil production. - Sputnik International
Saudi-Iranian Struggle for Market Share Might Drive Oil Prices Down
Early May oil production in Iran reached 3.7 million barrels a day. Deputy Oil Minister Rokneddin Javadi has said that his country would be ready to join OPEC’s quota policy one to two months after Tehran reached pre-sanctions output levels.

Javadi forecast in late April that the 4-million output mark would be reached this July.

In April, OPEC and major non-OPEC oil producers failed to agree on freezing oil output at January levels to shore up prices after Saudi Arabia backed out of the deal, insisting that Iran, which has been boosting oil production after years of international sanctions, should be part of any production cuts.

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