(MENAFN) Venezuela has taken a different path than most of the top global powers, as it announced its full support for Iran in terms of increasing oil production once the sanctions are lifted.
Accordingly, Iran plans to raise supply by at least one million bpd, or 1 percent of global supply, therefore hoping to boost oil yield to 5.7 million bpd and gas output to 1.4 billion cubic meters a day by 2021.
Moreover, Iran hasn't hidden anything as it revealed its new strategy and framework for oil and gas contracts after lifting the sanctions, plus the USD30 billion worth of projects to investors.
On a different note, oil prices have fell from more than USD100 a barrel in July-2014 due to high output from the US and key members of the Organization of the Petroleum Exporting Countries (OPEC).
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