Iran's oil production to reach 3.6 mln bpd by March 2024

Iran's oil minister Javad Owji has said that the country's oil production will reach 3.6 million barrels per day (bpd) until the end of the current Iranian calendar year (ends on March 20, 2024).

Owji made the remarks during Iranian President Ebrahim Raisi's visit to the Oil Ministry on Monday, in which Raisi was briefed about the oil industry’s plans for the current Iranian year.

Referring to the point that Iran has 163 billion barrels of proven reserves, Owji added that Iran aims to reach 5.7 million bpd of oil production at the end of Iran's Seventh National Development Plan by 2026.

Some six contracts have been signed in the joint oil and gas fields, which are mostly related to the joint fields in the west of Karun in southwest Iran, such as Azadegan, and Yaran, said the minister, adding that the value of the contracts is some $14.5 billion.

Owji said that in Forouzan Oil Field, oil production was 24,000 barrels per day in 2021, adding that the amount has currently reached 30,000 barrels and will increase to 40,000 bpd by the end of September 2025.

News ID 196510

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