Iran expects to raise oil production in 2008

Nov 06, 2007 01:00 AM

The Iranian Caretaker Oil Minister has announced that the country will increase its crude oil production by 100,000 bpd.
The average oil output for Iran was between 4.11 mm bpd and 4.135 mm bpd between August and October, Gholam-Hossein Nozari told. He refuted the foreign media claims that the rise in crude prices can be attributed to decline of Iran's production.

The extra 100,000 barrels will come from the Azadegan, Darkhovein and Bahregansar fields by March 20, 2008.
The price of crude in the proposed budget for the fiscal year beginning March 21, 2008 has been set at $ 50-55 a barrel.

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