Iran to Boost Oil Production to 5.3 bln bpd by 2014

Caretaker of the Iranian Oil Ministry Gholam Hossein Nozari said that his country would produce 5.3 bln barrels of oil per day by the year 2014. Speaking on the sidelines of the 145th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Nozari also mentioned his country’s current production rate at 4.3 bln bpd.

He further pointed out that Iran has recently signed a Memorandum of Understanding with China to construct new facilities and installations for strategic crude reserves in that country, but added that the two side have not yet endorsed any agreement on the volume and size of the said installations and facilities.

China has planned to construct the required facilities for reserving 100 mln barrels of crude by 2008.