Thursday, 12 November 2015 17:37
MOSCOW: Iran hopes to reach oil production of 4.3 million barrels per day (bpd) in 2016 once the lifting of international sanctions takes effect, Iranian Deputy Energy minister Houshang Falahatian told Reuters in Moscow on Thursday.
He was part if Iranian delegations, which is taking part in an intergovernmental meetings in Russia.
He said that 1.8 million barrels per day will be available for domestic consumption in 2016, while the rest will be exported.
The country’s oil production is down one million bpd since the start of 2012 at 2.7 million bpd, depriving it of billions of dollars in oil revenue.
