Jun 22, 2024, 1:20 PM
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News ID: 85516526
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Minister: Iran oil production to reach 4 million bpd

Jun 22, 2024, 1:20 PM
News ID: 85516526
Minister: Iran oil production to reach 4 million bpd

Tehran, IRNA – Iranian Oil Minister Javad Owji has said that the country plans to increase its daily crude production to 4 million barrels per day (bpd) by late March 2025.

The minister made the announcement on Saturday as he was elaborating on the achievements by the administration of the late President Ebrahim Raisi in the oil industry over the past three years. He was speaking at a joint press conference with Government Spokesman Ali Bahadori Jahromi and Head of the Department of the Environment Ali Salajegheh.

Owji said that the Raisi administration has already managed to increase oil production from 2.2 to 3.6 million bpd and is now planning to increase the daily output to 4 million barrels by the end of the current Iranian year, which falls on March 20, 2025.

The administration also increased the annual gas production by 53 million cubic meters, which marked a 5% growth, he added.

Gas extraction from the South Pars gas field, which is shared with Qatar, has increased as well, he said, adding that Iran’s extraction is 75 to 100 million cubic meters higher.

According to the minister, Iran’s annual petrochemical production has now reached 100 million metric tons following a 10-percent growth. At least four petrochemical projects are also set to be inaugurated, Owji said, without specifying the projects and the timing of the inauguration.

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