Iran ready to make up market shortage if Iraq crude output declines: official

TEHRAN (Xinhua) - Iran is ready to make up for any possible shortage in global crude supplies in case the Iraqi crisis disrupts its oil production, an Iranian official said on Saturday.

"At present, we can scale up production capacity to four million barrels per day within six months and meet the market's needs," Iran's Deputy Oil Minister Ali Majedi was quoted by Press TV as saying.

Iran's average production of crude oil from May to June stood at 2.8 million barrels per day, up from the average of 2.7 million during the same period last year, according to a latest US report.

"The world should come to the conclusion that Iran is naturally considered as the most secure and stable energy supplier in the region," Majedi said.

Recently, Iraq's Kurdistan regional government has taken control of two oil resources, Kirkuk and Bai Hassan oilfields, in northern Iraq, while Sunni militants have controlled the country's largest refinery Baiji in Salahudin Province since June.

Amid domestic turbulence, Iraq's crude output fell to 3.2 million barrels per day in June from some 3.5 million barrels of the previous month.