Iran's Daily Oil Production Increases by 60,000 Barrels

Extensive efforts are underway to achieve maximum oil production, so we plan to finalize the contracts for all projects that face uncertain contractual status by the end of this year, NIOC CEO stated.

Photo: IRNA

The CEO of the National Iranian Oil Company (NIOC), Hamid Bovard, announced that Iran's daily oil production has risen by 60,000 barrels since August 2024.

Speaking with the Islamic Republic of Iran Broadcasting (IRIB), Hamid Bovard added, "With the planning and efforts made in this regard, despite some unforeseen repairs that occurred, fortunately, more than 60,000 barrels per day have been added to the country's oil production since August this year," The Caspian Post reports, citing Iranian media.

The deputy oil minister stated that since the 14th administration took office in August, Iran's daily oil production volume has increased by 60,000 barrels, predicting that the country's oil production will reach about 200,000 to 250,000 barrels per day (bpd) by the end of the current Iranian calendar year of 1403 (to start March 21, 2025).

He further pointed out that this additional production capacity mainly comes from plans implemented in the oil-rich areas of the south including West Karun, and the operational areas covered by Arvandan Oil and Gas Production Company.

According to him, the Iranian Central Oil Fields Company (ICOFC) also has been able to raise oil production by bringing new wells into operation and carrying out desalination projects.

"We forecast that by the end of the year, we will reach the goal of increasing oil production by about 200,000 to 250,000 barrels per day, this is evident in oil sales and the increase in petroleum product production," he continued.

Referring to the oil minister's promise in the parliamentary vote of confidence session to increase daily oil production by 400,000 barrels within a year, he said that all branches of the government, including the National Development Fund of Iran (NDFI), the Central Bank of Iran (CBI), and Planning and Budget Organization (PBO) have assisted the ministry in securing financial resources to achieve the goal.

Concerning oil exports, the CEO of the National Iranian Oil Company also mentioned that despite all the problems, the situation is good and satisfactory.

Extensive efforts are underway to achieve maximum oil production, so we plan to finalize the contracts for all projects that face uncertain contractual status by the end of this year, Bovard added.