Iran plans to raise oil production to 4 mln barrels in 2019

Baku. 17 October. REPORT.AZ/ Iran hopes by early next year to boost its natural gas production to Qatar's level. Report informs citing the RIA Novosti, Iranian oil minister Bijan Zanganeh told an energy conference on Monday.

He said Iran's priority was developing the giant South Pars gas field which it shares with Qatar, as well as shared oil fields.

Iran plans to increase its crude oil production to 4 mln barrels per day in 2019 and 4.28 million bpd in 2020, while boosting condensate output to 1 million bpd as early as 2018, Zanganeh told the conference. Crude output is currently 3.8 million bpd and condensate output 688,000 bpd, he said.

Analytical group of Report believes, plans of Iranian officials regarding oil output of 4 mln barrels in 2019 could adversely affect negotiations by OPEC countries to reduce oil production. Thus, according to Iran it will be possible after reaching production level of 4 mln barrels per day.

Also, today Russia once again noted it would be better to not to reduce oil production but to freeze it.

Analytical group said sharp decline in oil prices may occur if positive results will not come from talks.