Iran’s oil minister says the country is planning on increasing its crude production to 3.6 million barrels per day by the end of the current Iranian year, on March 20, 2024, and aims to hit the 4 million mark next year.
Javad Owji made the remarks during a visit by President Ebrahim Raisi to the oil ministry on Monday to discuss the ministry’s performance amid draconian US-led Western imposed sanctions.
Owji said the oil ministry has 50 new projects for new investment worth 47.5 billion dollars, and a total of 182 projects worth 76 billion dollars to increase the upstream and downstream production capacity.
He added the ministry’s main priorities have been to draw in more investments for the future projects and completing partly-finished projects to boost production.
Carrying out gas megaprojects, completing and launching oil pipeline projects, increasing oil and gas condensate refining capacities, and expanding the storage of natural gas are among the other achievements by the ministry, Owji briefed.