Iran’s oil production up to 3.4 million bpd: Oil min.

Iranian Oil Minister Javad Owji made the remarks on the sidelines of the government cabinet meeting on Wednesday.

He stated that with measures that have been taken in the current administration, Iran’s oil production has increased to 3.4 million bpd, while it was about 2.9 million bpd quite a while ago.

The oil minister said that with the investment made in oil and gas fields and the increase in the capacity of refineries and petrochemical products, the growth of the oil and gas group will be upward soon.

The spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union, Seyyed Hamid Hosseini also noted on Sunday that oil exports have considerably increased in the administration of President Ebrahim Raeisi who came to office in August 2021.

“If we seek to increase oil exports from 3.8 million barrels per day to 4.2 million stipulated in the 7th Development plan, we need to invest an average of $25,000 per barrel of oil, but now, because these oil wells had been in production cycle previously, we have the opportunity to increase the oil production to 3.8 million barrels per day,” he explained.

Hosseini also said that about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jafir oilfields, which can help with the economic growth of the country.

It is hoped that the country’s economic growth will increase with the rise in oil production, he added.