Iran targets 4.8 mb/d oil output by 2021

Iran targets producing 4.8 million barrels per day (mb/d) of crude oil in the next five years, Iran's Oil Minister Bijan Namdar Zanganeh said June 2.

Zanganeh, who traveled to Vienna to take part in OPEC meeting, added that Iran's oil production would exceed 4 mb/d in the near future, SHANA reported June 2.

He also said the current output stands at 3.8 mb/d.

The Iranian minister also said the country's oil exports reached 2.03 mb/d in May.

Before the Western sanctions were imposed on Iran, the country's oil production was about 3.5 mb/d.

The sanctions on Iran were eliminated in mid-January this year.

/By Trend/