Iran does not plan to increase crude oil output in the next fiscal year (FY) starting from March 21, the managing director of the National Iranian Oil Company (NIOC), Ali Kardor, said on March 16th, according to the Financial Tribune.

“The country’s oil production will not rise in the year to come and it will be fixed at the current rate,” Kardor added.

Kardor noted that the daily production capacity is about 4 million barrels per day (mb/d); however, the actual output is closer to 3.9 mb/d.

Excluding condensates, Iran’s average daily output is 1.7 million barrels, according to Kardor.