TEHRAN: Iran plans to edge its oil output higher over the next 10 months, the semi-official Mehr news agency said on Friday, defiant that sanctions are not holding back its energy industry.
"Iran will increase its oil output by 115,000 bpd by the end of the current Iranian year which ends on March 19," Ahmad Ghalebani, deputy oil minister, told Mehr.
Ghalebani also said that Iran would develop four oil fields, including Yadavaran, Hengam, Masjed Solieman and Mansouri, to increase crude output by the end of the Iranian year.
Iran on is pumping more than 4 million barrels of crude per day, according to Iranian authorities.
Iranian oil output in January was 3.64 million bpd, according to Reuters' monthly survey of OPEC producers, down from 3.67 million bpd in December and compared with an implied OPEC target 3.34 million bpd.
Iran is the world's fifth largest crude exporter and has the second-largest gas reserves after Russia but international sanctions imposed over its disputed nuclear programme have slowed down the development of its energy sector.
The United States and its European allies fear Iran is trying to build bombs under cover of a civilian nuclear programme.
Tehran says its nuclear work is aimed at generating power to meet the country's booming demand.
The authorities play down the impact of sanctions which have discouraged many western companies from investing in its oil and gas sector.
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