Iran ups oil output to 4.2 million barrels per day

Thursday, November 20, 2003

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.

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