Iran oil output up 500k bpd in 2023: IMF
The new statistics released by the International Monetary Fund (IMF) show that Iran’s oil production in 2023 saw an increase of 500,000 barrels per day (bpd) in comparison to the previous year, reaching 3.1 million bpd.
According to the new data, the oil sector of Iran’s economy recorded a noteworthy growth of 15% in 2023. Over the 2.5 years of President Ebrahim Raisi’s tenure, this sector experienced a double-digit growth; therefore, the oil sector saw 10.1%, 10%, and 15% growth respectively in 2021, 2022 and 2023, IRNA reported.
It is predicted that Iran’s oil production will increase by another 100,000 bpd, reaching 3.2 million bpd in 2024.
Iran’s gas production also increased from the equivalent of 4.8 million barrels of oil per day in 2022 to the equivalent of 5.1 million bpd in 2023. According to IMF, the figure is expected to rise by 300,000 bpd to reach the equivalent of 5.4 million bpd in 2024.
Iran exported 1.4 million barrels of oil per day in 2023, indicating an increase of 500,000 barrels compared to its oil export data in the previous year, and it is expected that in the current year, an additional 100,000 barrels would be added to Iran’s oil exports, reaching 1.5 million bpd.
Iran exported gas in 2023 the equivalent of 300,000 barrels of oil per day and it is expected that the figure will remain the same in 2024.
Earlier this month, The National Iranian Oil Company (NIOC) said the country has discovered shale oil deposits in 10 different locations.
The director of exploration at the NIOC, Mehdi Fakour, announced that the company’s specially designed model will enable the extraction of oil from these giant resources in Iran’s provinces.
Fakour stated that in the previous Iranian calendar year (which ended March 19, 2024), more than 2.5 billion barrels of oil were added to Iran’s crude oil and natural gas reserves with new exploration activities.
He added that the new discoveries will be announced by the oil minister soon.
Domestic companies possess significant potential for extracting oil shale resources, Fakour emphasized.
Furthermore, he announced the development of a unique and localized model in the country, which has yet to be adopted elsewhere globally.