Iran to raise oil output capacity by 170,000 bpd

Iran plans to raise its oil output capacity by 170,000 barrels per day by end of the current Iranian year, which ends on March 20, 2016, the official IRNA news agency cited an Iranian oil official as saying on Monday. Soltan Kamali, managing director of Arvandan Oil and Gas Company, a subsidiary of the state's National Iranian Oil Company (NIOC), said the "additional output capacity will be available once the initial phases of North Azadegan and Yadavaran oilfields come into operations," IRNA reported.
The Opec producer aims to boost crude exports by up to 1 million bpd if Tehran and six major powers finalise a nuclear agreement by a June 30 deadline.