Iran is ready to increase oil production to 4 million barrels per day, depending on demand - the state-owned company

Iran is ready to increase oil production to 4 million barrels per day in the next two to three months, depending on market demand, said a senior official of the National Iranian Oil Company (NIOC) on Monday.

"We can increase oil production based on market needs"- said Mohsen Gamsari, Director of International Relations NIOC.

Iran plans to bring back oil production to the level that has been in the country before the introduction in relation to its sanctions - more than 4 million barrels a day - is preceded by an informal meeting of the Organization of Petroleum Exporting Countries (OPEC) in Algiers later in September, where countries will try to resume negotiations on the freezing production.

Iran is the third largest oil producer in OPEC, currently produces a little more than 3.8 million barrels per day, Gamsari said.

Undertaken earlier this year trying to OPEC members and countries that are not members of the cartel, to reach a production level of stabilization of the agreement have not been successful because of Iran, which refused to take part in it, seeking to increase the volume of oil exports after removal from an international sanctions.

According Gamsari in perspective NIOC could increase production to 4.3 million barrels per day in the first quarter of next year and eventually reach 5 million barrels per day in two or three years.

A large part of the new production will account for heavy oil, he said, noting that "market preference for heavier grades".

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