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Iran to raise oil export to 3.5m barrels per day

(Xinhua)
Updated: 2008-07-11 15:17

TEHRAN -- Iranian Oil Minister Gholam-Hossein Nozari said that Iran will raise oil export to 3.5 million barrels a day by the end of March 2010, Iran's satellite Press TV reported on Friday.

Related readings:  Russia to raise oil export duties to record high  Sinopec to explore Iran oil block

"Iran's oil export level will be raised to 3.5 million barrels a day from the current 2.4 million barrels a day by the end of the current development plan," Nozari told reporters on Thursday.

He denied an allegation that the country will not be able to export oil because of high internal consumption.

Asked about the recent decision by OPEC to keep the current production level, Nozari said the market is supplied with enough crude but consumers should increase investment in the producer countries to help them boost oil production.

Iran announced in May that it would boost the oil output to 4.3 million barrels per day by the end of March 2009.