Published 29th January, 2013
Iran is planning to increase its oil production capacity to up to 5.2 million barrels per day by early 2016.
According to Iranian state TV, the country has a current capacity of about four million barrels per day and will require some $300 billion investment in the oil industry.
Despite Iran's denials that their nuclear program has a military dimension, the West continues to impose sanctions making it difficult for the country to sell crude oil. The sanctions are biting as Crude oil exports account for about 80 percent of the country’s foreign revenue.
According to the International Energy Agency (IEA Iran’s oil exports plunged to 1 million barrels a day in July, down from the 1.74-million-barrel mark a month earlier.