Iran to achieve new high in oil, gas output in 2024

(MENAFN) Iranian Oil Minister Javad Oji has revealed a significant surge in oil and gas production during the previous Iranian calendar year 1402 (March 21, 2023, to March 19, 2024), indicating a promising outlook for the current year. Following a cabinet meeting on Wednesday, Oji informed reporters of a remarkable 20 percent increase in production, attributing this growth to substantial investments made in both upstream and downstream sectors. The completion of semi-finished projects amounting to USD28 billion contributed to this surge, with Oji highlighting the multifaceted growth observed in oil-related products and petrochemicals as well.

Looking ahead to the current Iranian calendar year of 1403, which commenced on March 21, Oji outlined ambitious plans for further production enhancements. Emphasizing the strategic importance of new investments and the completion of ongoing projects, he expressed determination to surpass the previous year's impressive 20 percent growth rate. With a focus on setting a new production record, Oji underscored the Oil Ministry's commitment to driving sustained economic growth across oil, gas, refining, and petrochemical industries.

Reflecting on the comprehensive strategy to bolster production, Oji underscored the Oil Ministry's continuous investments in partially finished projects. These strategic initiatives align with broader efforts to optimize production capacity and capitalize on Iran's vast energy resources. The Ministry's proactive approach to investment and development aims to reinforce Iran's position as a key player in the global energy landscape.

The recent report from the U.S. Energy Information Administration (EIA) further underscores Iran's momentum in the oil sector. According to the EIA, Iran's oil production reached 3.25 million barrels per day (bpd) in March 2024, marking a slight increase of 20,000 bpd compared to the previous month. This steady growth trajectory underscores Iran's resilience and strategic vision in navigating complex global energy dynamics.



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