Iran plans to expand its oil production capacity by one million barrels per day within the next six years and believes the oil market is currently well supplied, a senior official from the Ministry of Petroleum said Monday.
"Now we have a capacity of 4.3 million barrels per day. The plan is to go for 5.3 million barrels per day," Akbar Torkan, Deputy Minister for Planning at Iran's Ministry of Petroleum, told Dow Jones Newswires. Torkan said Iran's production capacity will reach 4.5 million barrels per day by next March and will rise by an additional 200,000 barrels per day to reach 4.7 million barrels a day by March 2010, which marks the end of the Ministry's fourth five-year plan for development. The Iranian year ends March 20 and begins March 21.
After the fifth, five-year, plan for development, Iran will reach a capacity of 5.3 million barrels a day, he said.