An Iranian oil export facility in the Persian Gulf

Iran Aims to Boost Oil Production to 4 Million Barrels per Day

Sunday, 05/26/2024

The Iranian government says that it has a plan to boost oil production to 4 million barrels per day, a high figure that Iran had not achieved even before the United States imposed sanctions in 2018.

While local media reported on the government’s claim, Iran International learned that in recent days authorities sent a document about purported plans to journalists in Tehran, urging them to report on it. The higher oil production figure is one of the claims made in that document seen by Iran International.

In November, Iran’s oil minister Javad Owji claimed that the country was producing 3.4 million barrels per day (mb/d) of crude oil, about 1.2 mb/d more than in mid-2021. But both OPEC and the International Energy Agency, put the country’s crude oil production at 3.1 mb/d in September, when Owji had claimed 3.3 mb/d output level for that month.

While oil production and exports have increased since late 2020, when the new US administration changed Washington’s approach to Iran, lack of capital for investment and sanctions hamper Iran’s ability to boost both oil and natural gas production. Meanwhile, domestic oil and gas consumption have increased, leading to energy shortages during winter months, and a limited capacity for exports, particularly natural gas.

Facing an economic crisis, the Iranian government has frequently claimed various achievements in recent months. However, Domestic critics remain skeptical, with some media outlets, commentators, and politicians questioning why these purported successes have not translated into improved economic conditions for ordinary people.

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