Iran to increase oil output by 20%

Iran plans to add around a quarter to its production capacity in the next five years, Iran's Oil Minister Bijan Namdar Zanganeh said.

The development of new fields as well as improved oil recovery from mature reservoirs should allow Iran to have the capacity to pump 5 million barrels per day versus 3.8 million bpd now, Zangane told Reuters.

OPEC and its allies extended oil production cuts for nine more months yesterday.