Iran to Boost Oil Production Defying Europe

From Tehran Times

Iran is investing $100 billion (Dh367 billion) to boost its oil and gas production, a top official said.

“As part of a new government policy to boost energy production, we are currently investing $100 billion in new oil and gas exploration and production,” Rostam Ghasemi, Iranian Petroleum Minister, told the media, in response to a question from the Gulf News.

“The investments are part of our plans to increase energy output that will help U.S. meet growing domestic and global demand.
Iran holds 12 percent of global oil reserves and 17 percent of the total world gas reserves.

Iran is exporting 4 million barrels of oil per day, he told reporters on the sidelines of the World Energy Forum.

“Oil is a commercial, not a political issue… When the price of oil increases, this is to the benefit of some countries. We don’t want the price of oil to increase, it has to be a logical price.”

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