By the OGJ Online Staff
HOUSTON, Apr. 24 -- Iran claims its capacity to produce oil has climbed to 4 million b/d, well above its current Organization of Petroleum Exporting Countries' quota of 3.55 million b/d.
OPEC's news agency reported that Haidar Bahmani, director of National Iranian Oil Drilling Co., disclosed the productive capacity increase.
The US Energy Information Administration had estimated that Iran could produce up to 3.75 million b/d.
Bahmani said, "In terms of horizontal drilling and fighting oil well fires, Iran is among the most progressive countries in the world."
He said the state company holds drilling contracts with domestic and foreign firms totaling $100 million and had saved Iran $3 billion over the last 11 years through the construction and installation of oil production machinery and the repair of older equipment.
Iran is OPEC's second largest producer, after Saudi Arabia.
