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Iran to raise oil production 1 mbpd by 2010

Press TV - Iran will raise oil production by the end of the current development plan (March 2010), says Iranian Oil Minister Gholam-Hossein Nozari.

"Iran's oil export level will be raised to 3.5 million barrels a day from the current 2.4 million barrels a day by the end of the current development plan", he said.

The minister denied an allegation that the country will not be able to export oil because of high internal consumption.

Meanwhile, an American congressman had suggested that the US is moving toward an 'endless struggle' similar to the Iraq war by approving Resolution 362 against Iran.

Resolution 362 includes a naval blockade restricting exports such as gasoline to Iran.

Asked about the recent decision by OPEC to keep the current production level, Nozari said that the market is supplied with enough crude but consumers should increase investment in the producer countries to help them boost oil production.

... Payvand News - 07/11/08 ... --

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