Iran's oil production is expected to exceed 5.316 Mln barrels per day by the end of the country's 5th Development Plan (early 2015).

Managing director of National Iranian Oil Company (NIOC) Gholam-Hossein Nozari made the remarks in the 9th gathering of senior officials of Iran's oil industry.

He also estimated that Iran's gas production volume would reach some 1.509 billion cubic meters per day by the said date.

"Oil and gas will be the major sources of global energy supply in the next decades", he said.

"The volume of global gas consumption is expected to exceed coal in 2012 and the volume of global oil consumption is to be raised from the current 80 Mln barrels per day (bpd) to some 120 Mln bpd in that year", he added.

The oil official said," At present, 62% of the world's oil production pertains to the Middle East, with Iran, Saudi Arabia, Iraq, Kuwait and the United Arab Emirates (UAE) accounting for 60% of it".

"Some 40% of the global gas production relates to the Middle East particularly to Iran and Qatar."

"Many crude oil exporting countries will have to import the product in future years; as such Iran will play a vital role in securing the global energy needs," he said.

NIOC chief also noted the volume of gas production from Iran's South Pars gas field would reach 757 million cubic meters by the end of the country's 5th Development Plan (early 2015).

He also laid emphasis on increasing the recovery rate of oil fields as a way to enhance oil reserves.

MRD/IS