Iran Targets 5.7 Million Barrels Per Day Amid OPEC Output Deal

Tehran is committed to increasing crude oil production and expanding its market share despite being part of an agreement to cut oil supplies, according to Saeed Khoshrou, National Iranian Oil Company's new deputy for international affairs. 'Iran will not change policy with regard to crude oil export in the new era,' Khoshrou said.

The country aims to reach 5.7 million barrels per day within five years, including 1 million barrels of gas condensates. Iran is now pumping around 3.8 million barrels per day of oil and condensate, close to its peak production level of around 4 million bpd before tighter restrictions were imposed on its economy and energy sectors in 2011 and 2012.

The government says it is moving in the direction of raising production to meet this target. Khoshrou is planning to help the NIOC diversify its customer base and boost revenues by cutting transportation and maintenance costs, according to a NIOC statement.