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Oil production should be increased to compensate for natural drops: Iran's Oil Minister

TEHRAN, Sept. 10 (Mehr News Agency) - Iran's Oil Minister Kazem Vaziri-Hamaneh here on Sunday, commented on a number of issues related to the current trend in the nation's oil production and Iran's natural gas exports to Turkey.

"We have an annual natural drop in the oil production of about 500,000 barrels. However, it is necessary to compensate for the losses by increasing the production," noted the minister.

Based on forecasts, the country's crude oil production is expected to hit 4,600,000 barrels per day by the end of the nation's Fourth Socioeconomic Development Plan, the Persian service of the Iranian Students News Agency (ISNA) quoted the minister as saying.

Except for the selection of the OPEC (Organization of Petroleum Exporting Countries) secretary general, no particular issue is expected to be discussed in the upcoming meeting of the organization, he commented adding, the recent fluctuations in the prices is on the agenda of course.

He also pointed to Iran's natural gas exports to Turkey and said the gas prices used to be at about one sixth of the prices of oil in Europe. However, the prices are getting closer to those of the oil at a brisk pace now.

The minister maintained that the natural gas is expected to gain an even higher position in the future energy markets because, it is considered as clean fuel.

Iran is the second biggest producer in the cartel after Saudi Arabia.

... Payvand News - 9/11/06 ... --

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