Wednesday, June 19, 2024

Deputy minister: Iran’s daily oil production to hit 3.5mn barrels

The head of National Iranian Oil Company and deputy petroleum minister says Iran’s production of crude oil will surpass 3.5 million barrels per day by the end of September in a new blow to US sanctions on the Islamic Republic.

Mohsen Khojasteh Mehr told a press conference on Wednesday that the current administration started off with production of 2.2 million barrels per day in August 2021 but has increased its production despite the chokehold placed on Iran’s oil industry by the US.

Khojasteh Mehr also announced that production of gas in Phase 11 of South Pars Gas Field in the Persian Gulf, which is among the strategic goals of the administration of President Ebrahim Raisi, will start within weeks.

He said the production of gas in Phase 11 will resume after two decades thanks to efforts by Iranian experts and by reliance on domestic capacities.

The official said, despite sanctions by the US and some of its allies, negotiations are underway for the finalization of oil contracts worth 60 billion dollars. In the second half of the current Iranian year, Iran will finalize some other contracts for joint oil fields worth 8 billion dollars.

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