Iranian companies sign agreements to increase oil production

On Monday, Iranian companies signed eight agreements to increase oil production in the country, Report states, citing the National Oil Company of Iran.

The National Iranian Oil Company (NIOC) signed eight deals worth €1.2 billion with domestic companies on Monday for developing the country's oil fields, Shana reported.

Earlier, Iranian President Hassan Rouhani, in light of the significant reduction in Iranian exports in recent years, said that Tehran plans to sell significantly more than 2.3 million oil barrels per day in 2021.

Such indicators were before the introduction of US sanctions blocking Iran's oil supplies to other countries.

The president stressed that Iran needs to become a significant export force not to be subjected to sanctions. A year earlier, the Iranian authorities declared the need to remove oil revenue dependence and developed a budget for this purpose.

Member of the Planning and Budgeting Committee in the Iranian Parliament Jaafar Qaderi said that Iran plans to produce 4.5 million barrels of oil and gas condensate per day in 2021, of which 2.3 million are planned to be exported, while 2.2 million barrels for use domestically.