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Iran's oil output to exceed 4m bpd from Nov. 1

TEHRAN, Oct. 8 (Mehr News Agency) - Iran will increase its daily oil output to over four million barrels as of Nov. 1, said Petroleum Ministry's OPEC affairs manager here on Monday.

The move is in line with OPEC decision to hike its daily oil output by 500,000 barrels in an attempt to stabilize the jittery market, Javad Yarjani told MNA.

Of the OPEC rise, Iran's quota stands at 70,000 barrels, indicating the country's capability to boost production.

The members said it decided to keep its commitment to take necessary measures to ensure the sufficient supply in winter, and maintain the stability in the international oil market and the healthy development of world economy.

Saudi Arabia, the biggest oil producer in OPEC, pushed hard for the output boost, as some members like Iran and Algeria were opposed to it.

... Payvand News - 10/9/07 ... --

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