Iran’s current oil output at 3.6m bpd: Minister
Iran’s Minister of Oil put the current production of oil in the country at 3.6 million barrels per day (bpd).
Stating that every 100,000 barrels of oil generates $2.8 billion in income for the country, Javad Owji noted that oil production volume has surged considerably from 2.2 million in August 2021, when the outgoing government took office, to 3.6 million barrels per day (bpd).
Speaking on the sidelines of the Cabinet meeting on Wednesday, he told reporters he thinks that the oil industry should not slow down if it wants to achieve its target of producing 4 million barrels of oil per day by the end of the current Iranian calendar year, which ends on March 20, 2025.
Owji pointed out that the production of oil is one of Iran’s strategies to prevent the budget deficit and increase government revenues.
He added that relying on domestic capabilities has marked tremendous changes and successes in the oil industry during an era of harsh sanctions.
Owji put the liquid hydrocarbon reserves of the country at more than 153 billion barrels.
Referring to the rising number of road trips in summer and managing gasoline storage, he said that the Petroleum Ministry had taken successful non-price initiatives, which has led to managing gasoline consumption.