Iran oil output to hit 4 mn bpd by March, says its oil Minister

Iran on Monday said its oil output capacity will hit four million barrels per day by March after it was exempted from an informal agreement among OPEC members to lower output to boost prices. "Our production capacity was 3.8 million (bpd) after the first half of the year. We will take it to 4.03 million by the end of the year" in March 2017, Oil Minister Bijan Namdar Zanganeh said at a conference for local and international energy companies. He added that Iran was aiming to hit 4.6 mn bpd within 5 years.