Iran Oil Output Rises by 1 Million bpd: NIOC Chief
TEHRAN (Tasnim) – Highlighting the return of Iran’s rank in OPEC crude production to its pre-sanctions level, the chief executive of the National Iranian Oil Company (NIOC) said the country’s oil production has increased by more than one million barrels of per day in the current administration.
Mohsen Khojastehmehr said Iran’s rank in the Organization of Petroleum Exporting Countries has returned to the pre-sanctions level in the field of crude production.
He added that Iran’s oil output volume stood at 2.250 million barrels per day (bpd) before the current administration took office in August 2021 and has currently reached 3.3 million barrels per day, registering a considerable hike.
Iran’s daily output volume is to reach 3.4 million barrels in the upcoming days, the NIOC chief stated.
The deputy oil minister also said that Iran’s oil output will hit 5.7 million bpd in the next eight years.
In addition, gas production volume will increase to 1.5 billion cubic meters/day within the next eight years.
Iran is in need of $160 billion in investment for the implementation of projects to increase the production volume of oil and gas, he said, and stressed that the current administration has focused on taking advantage of the local capacities for attracting foreign investments.