Iran plans to double oil output over 20 years
Iranian Oil Minister Bijan Namdar Zangeneh announced here Saturday that Iran will "double its production capacity between now and the year 2000" to hold its own with the OPEC cartel.
"Iran has 15 percent of the total crude output of OPEC. To sustain that percentage, we are going to have to double our production capacity between now and 2020," Zangeneh said during an international conference on the impact of oil from the Caspian Sea and the Middle East on world markets.
According to generally accepted estimates, Iran has already extracted 45 billion barrels of its known reserves, which are estimated at 90 billion barrels.—AFP.
©--Agence France Presse.