Daily oil output hits 3.4m barrels
Iran’s crude production has increased to 3.4 million barrels per day (mbd), despite US sanctions on its oil exports and the associated revenues, a spokesman for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said on Sunday.
“Given that previously sealed oil wells have returned to the production cycle, Iran will be able to increase its oil production to 3.8 mbd,” Hamid Hosseini told IRNA.
“If we are to raise oil output from 3.8 mbd to 4.2 mbd as set in the 7th National Development Plan, we will need to invest an average of $25,000 for each barrel of oil,” he said, referring to a comprehensive government plan for economic development.
Hosseini also said that about 40,000 barrels per day have been added to the country’s crude production from the Sepehr and Jofeir oilfields, which became operational last month.
Iran produced 3.058 mbd of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report.
The Islamic Republic’s average crude output for the third quarter of 2023 stood at 2.99 mbd, indicating a 292,000-bpd increase compared to the figure for the second quarter of the year, the report said.