Oil output in Iran to hit 4M bpd by March 2025
(MENAFN) Iranian Oil Minister Javad Oji announced plans to increase the country's daily crude oil production to 4.0 million barrels per day (bpd) by late March 2025, with preparations for this significant increase already in progress, as reported by an Iranian news agency. According to Minister Oji, this initiative began under the 13th government administration with the objective of enhancing the country's economic growth to an ambitious 8.0 percent.
Oji noted that the administration of the late President Ebrahim Raisi successfully boosted oil production from 2.2 million to 3.6 million bpd. The goal now is to elevate the daily output to 4.0 million barrels by the end of the current Iranian year, which concludes on March 20, 2025. Additionally, the administration increased annual gas production by 53 million cubic meters, marking a 5.0 percent growth.
Emphasizing the economic impact, Oji highlighted that the export value of Iran's oil, gas condensates, and other petroleum and petrochemical products surged from USD10.8 billion in 2018 to USD36 billion in the previous Iranian calendar year, ending March 19, 2024. This represents a 3.5-fold increase in oil revenue. Gas extraction from the South Pars gas field, shared with Qatar, also saw a significant rise, with Iran's extraction rates now 75 to 100 million cubic meters higher.
Iran's annual petrochemical production has reached 100 million metric tons following a 10 percent growth, Oji noted. Earlier this month, he mentioned that Iran is currently exporting crude oil to 17 countries, including some in Europe. Oji asserted that Iran would continue to export oil regardless of changes in U.S. leadership.
Speaking at a ceremony on July 3, Oji highlighted substantial investments made in the oil industry over the past three years. He pointed out that Iran's oil exports increased dramatically from 182 million barrels in 2019 to 565 million barrels last year. This growth has elevated Iran to the fourth largest oil exporter within the Organization of the Petroleum Exporting Countries (OPEC), thanks to the significant rise in oil production and sales.
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