TEHRAN- Oil production in Iran will reach four million barrels per day (bpd) by the end of the upcoming Iranian calendar year’s first month of Farvardin (March 20), National Iranian Oil Company (NIOC) Managing Director Ali Kardor announced in an interview with Seda weekly.

The official also announced about boosting the country’s oil exports in the next two months, Shana reported.

International Energy Agency (IEA) has predicted that Iran will expand its oil production capacity by 400,000 bpd to reach 4.15 million bpd in 2022.

IEA also said the forecast hinges on whether the accord to lift international sanctions remains in place. Having been released last year from trade restrictions, the country has introduced a new contract model to attract foreign investors.

MA