BAKU, Azerbaijan, May 13. Iran's crude oil production rose to 3.55 million barrels per day last year (from March 21, 2023 through March 19, 2024), Iranian Oil Minister Javad Owji said during the meeting of the Cabinet of Ministers in Tehran, Trend reports.
According to him, 67 projects in the oil and gas sector were completed last year to increase oil and gas production in the country.
The Iranian minister noted that the country's gas production also increased by 30 million cubic meters per day last year.
Owji added that in the current Iranian year (from March 20, 2024 through March 20, 2025), it is planned to complete the work started on 79 projects in previous years and start work on 50 projects under new plans.
To note, Iran plans to increase crude oil production by 300,000–400,000 barrels per day and gas production by 35 million cubic meters this year.
Additionally, it should be noted that Iran's hydrocarbon reserves total 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
Meanwhile, according to the report of the Organization of Petroleum Exporting Countries (OPEC), Iran's crude oil production was 3,188,000 barrels per day in March (2024). Crude oil production increased by 28,000 barrels compared to February.
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