Javad Owji, Iran’s Minister of Oil, said we have increased oil production in the country.
Javad Owji, Iran’s Minister of Oil, stated that the country’s oil production has reached 3.6 million barrels per day from 2.2 million barrels.
Mr. Owji announced the increase of 1.4 million barrels of Iranian oil at the end of the cabinet meeting.
According to statistics provided by the Organization of the Petroleum Exporting Countries (OPEC), Iran’s production was about 2.5 million barrels up to two years ago.
IRNA, the official news agency of the Islamic Republic, reported a day before on July 10th that Mr. Owji promised that the country’s oil production would reach 4 million barrels per day by the end of the current solar year.
Iran’s oil exports were severely restricted following the reimposition of U.S. sanctions against Iran, and as a result, oil production also decreased.
Issues related to the inability to attract foreign investment for the utilization of old fields and the discovery and extraction of oil from new fields have also contributed to the reduction in Iran’s oil production.
In his latest remarks about the level of oil production, Iran’s Minister of Oil said that the country earns nearly 3 billion dollars a year for exporting every 100,000 barrels of oil per day.