Bloomberg News

Iran to Boost Oil Output by 45,000 Barrels a Day, PressTV Says

December 09, 2011

Dec. 8 (Bloomberg) -- Iran, OPEC’s second-largest oil producer, plans to raise daily crude output by 45,000 barrels a day next year, Press TV reported, citing Mehdi Fakour, managing director of the Iranian Central Oil Fields Co.

The increase would occur once the Sarvestan, Saadatabad and Khesht oil fields in southern Iran come on stream in March, Fakour said, according to the state-run news channel. Khesht has proven crude reserves of more than 1 billion barrels, and the other two fields together hold more than 1.4 billion barrels, the report said.

Iran pumped an average of 3.56 million barrels of crude a day in November, according to data compiled by Bloomberg. The country’s oil output has stagnated amid international economic sanctions that have deterred foreign energy companies from investing there. The U.S., European Union and United Nations say Iran is trying to develop nuclear weapons technology, a charge the government denies.

--Editors: Bruce Stanley, Rachel Graham

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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