Iran oil output to 4 mln bpd by April

Iran expects its oil production to reach 4M bpd by mid-April, and plans to drill 500 new wells over the next five years to raise output to 4.7M bpd. Iran’s daily output in January was close to 3.9M barrels.
The head of National Iranion Oil Company (NIOC) confirmed that the company was due to reach 4 million barrels by the end of the (Iranian) year March 20, 2017. But this will be realized with a one-month delay. Iran’s crude oil production reached 4.2 million barrels at a certain stage, but later started declining.
Under a deal agreed to cut production by the Organization of the Petroleum Exporting Countries in December, 2016, Iran was allowed to boost output slightly from its October level. Tehran has long argued it needs to regain market share lost under Western sanctions.

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