Iran's Oil Output Rises by 60%: Oil Minister

Iran's Oil Output Rises by 60%: Oil Minister

TEHRAN (Tasnim) – Iran's oil minister said that the country’s oil production volume has risen by 60 percent over the three past years, namely during the administration of the late President Ebrahim Raisi that assumed office in August 2021.

– Economy news –

Speaking to reporters on the sidelines of a weekly cabinet meeting on Wednesday, Javad Owji said, "Today I provided a comprehensive report to the Cabinet about the oil production and exports even though these reports are sent to the high-ranking officials of the country every month including Leader of the Islamic Revolution, heads of the three branches of the government and some chairmen of the specialized committees of the Parliament."

He went on to say that the oil production volume stood at 2.290 million barrels per day (bpd) during the Iranian calendar year of 1398, which ended on March 20, 2019, but fell to 2.106 million barrels the next year and then stood at 2.107 million barrels in the Iranian months of Khordad (June 2021).

When the administration of the late Iranian President Raisi took office in August 2021, the oil production volume rose to 2.4 million bpd for the remaining months of that year and rose to 2.6 million barrels per day in 1401 (ended on 20 March 2022).

According to him, the trend of rising oil production continued so that it reached 3.3 million barrels per day last year (ended March 19, 2024), and the oil production trend increased in the current year (started March 20, 2024) to 3.570 million barrels per day so far, Shana reported.

Thus, as the figures show, oil production has risen by 60 percent over the past three years, Owji said.

Source: Tasnim News