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Iran plans to boost oil production to 4 mb/d
The plan was approved during the second session of the Economic Council, chaired by the acting president, Mohammad Mokhber, in Tehran on Saturday.
Achieving a 7-billion-dollar income for the country by implementing a plan to increase crude oil production and providing an overview of the latest status of projects proposed for utilizing foreign financial facilities were among the plans approved in the meeting on Saturday.
The council decided that daily crude oil production by the National Iranian Oil Company would increase from 3.6 mb/d to 4 mb/d.
The report said by implementing the oil output increase plan, which needs 3 billion US dollars in investments, Iran would be able to generate an additional income of 7 billion dollars by the end of the current Iranian calendar year, which falls on March 20, 2025. Iran’s oil production and exports have been on the rise over the recent years despite the United States harsh sanctions to curb foreign investment and banning oil exports.
In April, the head of Iran’s Customs Administration Mohammad Rezvanifar said that Iran’s oil exports reached 35.87 billion dollars in the previous year, which ended on March 19. According to the US Energy Information Administration affiliated with the Department of Energy, Iran possessed an estimated total of 209 billion barrels of oil reserves by the end of 2021, ranking the country as the world’s third-largest holder of crude oil.