Iran plans to increase oil production capacity by 700,000 bpd within 4 years

PARIS:  Iran aims to raise its crude output capacity to 4.7 million barrels per day within the next four years, deputy Oil Minister Amir Zamaninia told a conference in Paris.

"We are striving - to be very cautious and not ambitious - for the next 3, 4 years we are planning to increase our production by about 700,000 taking our production to 4.7 million bpd," Zamaninia said.

He added that it could rise to as much as 1 million if Iran was able to reach deals on the development of four of its oil fields with international companies.

(Reporting by John Irish and Parisa Hafezi; Editing by Adrian Croft)