Friday, July 12, 2024

Iranian oil minister says crude production has exceeded 3 million bpd

Iran’s Oil Minister Javad Owji says the country’s crude production under the administration of President Ebrahim Raisi has exceeded 3 million barrels per day over the past 20 months.

Owji added that gas production has also increased to more than 1 billion cubic meters.
He however stressed that the current capacity of Iran’s oil and gas production is in no way commensurate with the amount of recoverable reserves.

Owji said a country like Russia, which has less recoverable reserves than Iran, currently produces 7.5 million barrels of oil per day.

The oil minister pointed to the participation of Iranian holdings and large banks in the development of fields, especially joint ones, saying since day one of this administration’s tenure, the oil ministry has been constantly looking for ways to increase the added value of the industry.

Owji added that, while boosting the upstream sectors, the ministry has made an effort to create energy security and stable supply of gas and liquid feed by building petro-refineries.

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