Oil production in Iran grows to 3.4M barrels per day

Oil production in Iran has increased from 2.9 to 3.4 million barrels per day, Secretary of Iranian Oil, Gas and Petrochemical Products Exporters' Union (OPEX) Seyed Hamid Hosseini said, Report informs referring to IRNA.

“Iran's oil production has increased to 3.4 million barrels per day, while some time ago Iran's oil production was about 2.9 million barrels per day,” he noted.

Hosseini didn’t indicate the period when the increase was recorded. But he noted that according to the seventh five-year plan for the socio-economic and cultural development of Iran, the republic wants to increase oil production to 3.8 million barrels per day.

He added that to reach the figure of 4.2 million barrels, it is necessary to invest an average of $25 for each barrel of oil.

He also noted that economic growth in Iran will grow due to increased oil production in the country.