Iran eyes boosting oil production

The Iranian authorities plan to increase oil production volumes to 4 million barrels per day by the spring of 2024, Iranian Oil Minister Javad Owji said, Report informs referring to IRNA.

Currently, oil production is 3.4 million barrels.

“Oil production will reach 3.600 million barrels per day by the end of this year (Iranian New Year is celebrated at the end of March 2024), and efforts are being made to reach a production level of 4 million barrels per day by spring next year,” Owji noted.

Currently, the country’s oil industry is implementing a total of 182 projects worth $76 billion to increase production capacity for oil production and refining.