Iran Targets Jump In Oil Production To 4.8 Million Barrels a Day: DJ

Iran is aiming for a significant increase in oil production to reach an output of 4.8 million barrels a day within five years, according to Dow Jones Newswires. In April, the Middle Eastern country produced 3.38 million barrels a day, an increase of 150,000 barrels over March, according to Platts. Speaking to journalists ahead of the closely watched OPEC meeting in Vienna, the country's oil minister Bijan Namdar Zangeneh hinted Iran won't agree to a deal to cap production, seen as a measure to boost oil prices, the report said. Ahead of Thursday's meeting, media reports suggested the cartel would agree to a new output ceiling after it scrapped its 30-million-barrel-day cap at its December meeting. However, without the consent of Iran, an production deal looks unlikely. The Venezuelan oil minister stressed that Iran must be included in any OPEC production agreement, according to DJ. Crude oil was up 0.3% at $49.16 a barrel, while Brent rose 0.4% to $49.90.