TEHRAN – According to OPEC’s latest monthly report published on March 14, Iran’s oil output in February reached 3.814 million barrels per day (bpd), a 36,100-bpd rise compared to January.

The country’s output stood at 3.778 million bpd in January; OPEC data indicates that the February figure is 976,000 bpd more than that of the 2015 average.

The increase comes at the time that recently Iranian Oil Minister Bijan Namdar Zanganeh announced that Iran has managed to increase its exports to 3 million bpd, its highest level since 1979.

In the meantime, Iran’s heavy oil price increased by 2.4 percent to $53.16 per barrel during February compared to the preceding month.

Iran wants to increase its production to 5 million bpd by 2021. However, it needs investments by foreign investors to achieve that target. This will not be a new high in production for Iran, because it used to pump in excess of 6 million bpd in the 1970s.

EF/MA