Iran returns to OPEC main producers: Report
Production and investment were among the challenges of the Ministry of Oil of the current government, which in less than two years, with reliance on domestic potentials, the country managed to overcome the challenges and rejoin the OPEC oil producing giants, according to a report by IRNA.
In September 2021, the Ministry of Oil had a production of about two million barrels per day, which had led to the decline of Iran’s position among the world’s oil giants.
“The maximum capacity of crude oil and gas condensate of the refineries of Iran is now close to 2.2 million barrels,” said Minister of Oil Javad Owji two years ago, adding that it should reach 3.4 to 3.5 million barrels per day. Iran has a favorable capacity in oil reserves, as the country has over 150 billion barrels of extractable oil, Owji said.
With the plans of the upstream sector, there will undoubtedly be an increase in oil production capacity in the next four to five years (both in joint fields and independent fields), the minister noted, adding that by increasing the production capacity, we can increase the refining capacity and guarantee energy security along with increased oil exports.