Paolo Scaroni, the former chief executive officer of Italian energy company Eni SpA, told Bloomberg in a TV interview on June 17 that Iran’s oil production will reach five million barrels per day (bpd) in three years from now.

Scaroni, who is currently the deputy chairman at NM Rothschild & Sons, said, “Certainly they [Iranian oil companies] can do it from hydrocarbon point of view.”
Iran’s production is going up slowly but it is going up, he noted, adding, “There is no yet a number of contracts between Western companies and the Iranian oil companies, which are needed in order to enhance production of the existing oilfields in Iran.”
“But this will come slowly and it will come as long as the peace in Iran with the rest of world will continue to be active,” Scaroni commented. 
Iran’s oil output surpassed 3.8 million bpd in the third Iranian calendar month of Khordad (started May 21), the Iranian Oil Minister Bijan Namdar Zanganeh announced on June 14.
Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market now that the sanctions are being lifted against the country. 
In the 169th (ordinary) OPEC meeting in Vienna on June 2, Zanganeh announced that the Islamic Republic plans to increase oil production to 4.8 million bpd in five years and return its pre-sanctions share of 14.5 percent in OPEC.

MA