Iran Plans to Add One Qatar to Oil Supply as Others Seek Freeze
- Country to boost output to 4 million barrels a day by March
- Targeted 800,000 barrel-a-day gain would equal Qatar capacity
Morning Meeting: Oil and the Doha Meeting
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Iran plans to boost oil output in the coming year by an amount roughly equivalent to the total production capacity of Persian Gulf neighbor Qatar. It’s a goal more likely achieved only at the start of the next decade, according to the International Energy Agency.
The targeted boost to 4 million barrels a day in the Iranian year through March 2017, announced by Oil Minister Bijan Namdar Zanganeh Wednesday, would see the country add about 800,000 barrels to daily production. Iran is pursuing the plan as fellow OPEC members prepare to meet with other major producers including Russia in the Qatari capital of Doha April 17 to discuss an output freeze to ease a global oil glut.