Iran’s oil output to hit 4 mln bpd by late March: Minister
Iranian Oil Minister Javad Owji says the country will raise its oil output to 4 million barrels per day (bpd) by the end of the current calendar year in late March.
In a press conference on Saturday, Owji said that Iran had managed to increase its oil production from low levels seen in the summer of 2021, when the country was feeling the brunt of US sanctions, to record levels in recent months.
“We raised the oil output from 2.2 million bpd to 3.6 million bpd and plans are in place for oil production to reach 4 million bpd in the calendar year 1403,” he said.
The minister said that Iran’s natural gas production had also increased by 53 million cubic meters (mcm) per day compared to 2021 while petrochemical output had risen by 10% over the same period to some 100 million metric tons per year.
He said that Iran’s production of gas from the South Pars, the world’s largest gas field which is shared between Iran and Qatar in the Persian Gulf, is some 75-100 mcm more than Qatar’s production.
Owji said gas storage capacity in Iran had also increased by 1 billion cubic meters over the past three years, adding that the country’s capacity for recovering flare gas from oil fields will reach 30 mcm per day by late March.
He said that Iran’s gasoline and diesel output had increased by 20 million and 11 million liters per day compared to three years ago to reach 120 million and 114 million liters per day, respectively.
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