Iranian Oil Minister Javad Owji said in televised remarks on Saturday that the country will try to raise its oil and condensates exports to 1.4 million barrels per day as set out in the annual state budget.

"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 the state television.

Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales.

Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million barrels per day from about 3.7 to 4 million barrels per day, without giving a time frame.

In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million barrels per day by 2040.

Consultancy FGE said last year it could see Iranian output surpassing 4 million barrels per day by 2025 and plateauing at around 5 million barrels per day before starting to fall in 2037. 

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(With input from Reuters)