FX.co ★ Iran to boost oil output

Iran’s Deputy Oil Minister Mansour Moazami said oil output will be increased to 4.3 million barrels per day in the near future. According to the OPEC survey, Iran produced 2.675 million barrels per day in September 2014. Apart from boosting oil output, Tehran is set to enhance the oil processing capacity to 3 million barrels per day from the current 1.8 million barrels. Iranian specialists estimated that discovered oil reserves would be enough to exploit oil for 60 years.
Mansour Moazami noted that the Iranian government did not make optimistic forecasts with the oil prices at $90-100 per barrel when preparing a draft budget for 2015. So, estimates were based on lower prices to avoid possible complications. Experts from the National Iranian Oil Company (NIOC) predict the oil price will be at $70 per barrel in 2015. In their view, this price should be input in the state budget.
Mohsen Ghamsari, the National Iranian Oil Company export director, believes that the oil price over $100 was exaggerated. In his opinion, the decline of oil prices since July 2014 was triggered by lack of the political support.