Iran has reached a crude oil production level of 4.2
million barrels per day.
Iranian Oil Minister Bijan Namdar Zanganeh attributed the oil production
increase to the completion of projects that expanded capacity. Zanganeh said
Iran had additional oil production capacity and required the money to fund
development projects.
"Undoubtedly Iran can boost its production to higher levels," the
minister said. "The country needs to develop its oil sector to use the
revenues for promotion of other sectors."
About 75 percent of Iran's hard currency revenue stems from oil exports.
Zanganeh said oil exports play a significant role in the five-year economic
development plan.
