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.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.