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Iran Will Not Decrease Oil Production

Service : Economy
TEHRAN, June 16 (ICANA) – Iranian caretaker Oil Minister Mohammad Aliabadi says that Iran's oil production will not be reduced due to the discovery of vast new crude reserves.
Thursday, June 16, 2011 4:24:11 PM
Iran Will Not Decrease Oil Production

“We try to maintain the current oil reserves and use new resources to not decrease the country's output,” Aliabadi said on Wednesday.

“Given the investment (in the oil industry) and the discovery of new oil reserves, production will not be reduced,” he added.

Iran's oil reserves increased by 758 million barrels in May after the discovery of a new deposit of light oil offshore in the Khayyam field in southern Iran.

Ahmad Qalebani, the managing director of the National Iranian Oil Company, said that the oil reserves of Iran, the world's fifth largest crude producer, rose to 155 billion barrels from 151.3 billion barrels with the discoveries.

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