Iran plans to raise crude output to 5.1 million barrels a day

Bloomberg: Iran plans to increase crude production to 5.1 million barrels a day “in the coming years,” according to the oil ministry’s website. Bloomberg

By Nayla Razzouk

Iran plans to increase crude production to 5.1 million barrels a day “in the coming years,” according to the oil ministry’s website.

The country is scheduled to export 3.36 million barrels a day by 2015, it said, citing Ahmad Qalebani, managing director of the National Iranian Oil Co. Its output averaged 3.63 million barrels a day in 2011, Bloomberg estimates show.

Iran plans to sign contracts for the development of oil and gas fields that straddle the country’s border with neighboring states by March 2013, he said.