Iranian Oil Minister Javad Owji said that his country plans to ramp up oil and condensates exports to 1.4 million barrels per day (mmbl/d) to cope with the annual budget, Reuters reported.

“In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realize the level set in the budget,” Owji told state television.

Owji elaborated that the ministry planned to raise production capacity of crude and condensates to 5.7 mmbl/d from about 3.7-4 mmbl/d without determining the timeline.