Minister: Iran to Increase Crude Oil Production to 4 Million bpd by March 2025

“Iran's oil production capacity will reach four million barrels per day by March 20, 2025. In fact, the oil ministry during previous administration has not only increased oil production to a level higher than the targeted volume, but it also laid the ground for the continuation of the jump in Iran's oil production so that the country's target economic growth, which is supposed to reach 8%, will not stop,” Owji said, according to a report published on the website of the Ministry of Petroleum or oil ministry for short.

The oil minister emphasized that the export value of Iran's oil and gas condensates and other petroleum and petrochemical products increased from $10.8 billion in 2018 to $36 billion in 2023, indicating a 350% increase.

According to Owji, the capacity of storing gas has also increased by one billion cubic meters and $23 billion worth of capital was invested for the development of the joint oilfields.

"There was a 275% growth in revenues from the export of crude oil and gas condensate in 1402 (March 21, 2023-2024) in comparison with the year 1399 (March 21 2020-2021),"

He added that Iran’s revenues from gas exports increased from $1 billion in 1399 to $4.7 billion in 1400 (March 21, 2021-2022) and $8 billion in 1401 (March 21, 2022-2023), of which $2.6 billion had been from the gas bill paid by Iraq for gas exports in the previous government.

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