Iran On Track to Hit 4 Million Barrels Per Day

In the wake of recently lifted sanctions, Iran is pulling out all stops in a bid to boost oil production to a high that hasn’t been seen since 2008. With trade restrictions abolished since January, Petroleum Minister Bijan Zangeneh has confirmed that production output of 4 million barrels per day is definitely a possibility.

Should the Islamic Republic hit this figure, Zangeneh has agreed to an output freeze. The pledge came after Iran engaged in talks with Russia, with more discussions scheduled for April. When asked whether Russia would attempt to persuade Iran to join a proposed output freeze, Zanganeh was adamant that reaching a daily output of 4 million barrels was a definitive prerequisite.

“They should leave us alone as long as Iran’s crude oil has not reached 4 million. We will accompany them afterwards," commented Zanganeh.

Russia steps back

So how long until Iran toys with the idea of an output freeze? With production already sitting at around 2.8 to 3.5 million barrels per day, the 4-million-barrel target isn’t far off.

Russia is showing impressive diplomacy when it comes to Iran’s position, with Energy Minister Alexander Novak stating "We share the opinion that Iran is in a special situation, as the sanctions imposed earlier have substantially reduced volumes of production in Iran by the current moment. Of course, the same approach to all countries that at this time have been increasing their production would probably not be quite fair toward Iran.”

Iran opens up its fields

As well as pledging to augment production, Iran is also calling on America to abolish current restrictions that prevent US oil and gas companies from drilling in the country. Iran’s oil minister has confirmed that the country’s state run company has already engaged in talks with General Electric, and plans to pursue all avenues.

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Image via Flickr Creative Commons. Photo credits: Bastian