TEHRAN, Nov. 30 (Mehr News Agency) – Iran's oil and gas reserves amount to 138 billion barrels and 28.2 trillion cubic meters respectively, the petroleum minister announced here on Friday.

Talking about explorations, Gholamhossein Nozari told MNA nine billion barrels of in-situ oil and about 70 trillion cubic feet of gas has been discovered.

According to him, the OPEC controls over 34 percent of the world's oil production.

Nozari had already announced Iran's OPEC quota is 4.145 million barrels of oil a day, but Iran has the capacity to produce and export 4.3 million barrels per day.

... Payvand News - 11/30/07 ...