Iran minister says oil production surged by 1.4mn barrels in current administration

Iran’s crude production increased by 1.4 million barrels per day during the late President Ebrahim Raisi’s administration despite over 600 new sanctions imposed by the West on exports, the country’s oil minister says.

Javad Owji made the remarks on Wednesday in an open session of the parliament, where he attended to brief the lawmakers on the latest status of gasoline and diesel production as well as oil exports in the country.

Owji said the former administration passed the baton in August 2021 while crude production was at the lowest level of 2.1 million barrels per day and exports had hit rock bottom.

Signing major investment agreements with domestic contractors worth 23 billion dollars and facilitating due payments were also among the measures the outgoing administration took to return the country’s oil industry to pre-sanctions conditions, the minister said.

He said, “During the past three years, more than 50 million cubic meters have been added to the country’s gas production.”

The minister also highlighted the achievements of his ministry during the past three years as “a 10-fold increase in reducing flare gases, an increase of 27,000 barrels in the capacity of refineries, 40-percent increase in natural gas storage, two-fold increase in LPG gas exports and gas supply to 50 cities, 6,700 villages, 210,000 industrial units, and 20 power plants.”

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