Iran boosts crude oil production

Oct 24, 2007 02:00 AM

Iran's caretaker oil minister says the country has increased its production of crude oil to more than 4 mm bpd. During a conference in held in Tehran, Gholam-Hossein Nozari said Iran is producing 4,137,000 barrels of crude oil per day.
"According to the basic calculations made in 2001 and due to a fall of the dollar, the price of oil is in fact $ 50 per barrel," he said.

Nozari said that Iran will celebrate the 100th anniversary of the discovery of oil next year.
Iran is the fourth largest oil producer in the world and OPEC's second largest exporter.

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