The country’s daily crude oil production capacity rose to 3.715 million barrels in October 2026, from 3.43 million barrels in September 2024, an increase of 285,000 barrels per day, or about 8.3%, according to the figures reported by the Islamic Republic News Agency (IRNA).

Oil production in October 2026 also increased by 55,000 barrels per day compared with the same month a year earlier.

Key measures undertaken by the Oil Ministry during the period included bringing existing capacity back online, restoring underperforming wells, developing shared oil fields and strengthening processing and transportation infrastructure.

As part of those efforts, the ministry launched an emergency program aimed at increasing crude oil production by 250,000 barrels per day, with an investment of $3 billion. So far, the program has delivered an additional 70,000 barrels per day toward its overall target.

Funding for the initiative comes from the National Development Fund of Iran, which provides 80% of the investment, while the remaining 20% comes from the National Iranian Oil Co.’s internal resources.

Development contracts for the Azadegan, Azar, Changuleh and Band-e Karkheh oil fields have also been finalized, with total investment estimated at about 13 billion euros.

In the infrastructure sector, contracts with private companies have been signed to establish 315,000 barrels per day of new processing capacity, bringing the total processing capacity assigned to the private sector to 430,000 barrels per day.

Iran currently has 129 drilling rigs in operation. Contracts worth about $1 billion have also been signed to provide services for 20 additional rigs, which are expected to drill 270 wells.

With Hamid Bovard now serving as caretaker oil minister after leading the National Iranian Oil Co. over the past two years, the industry is expected to continue pursuing production growth and development projects.

Bovard has emphasized the continuation of production programs, stronger oil marketing and sales, reconstruction of damaged facilities, the recovery of flared gas and the acceleration of projects nearing completion.

In recent remarks, the acting minister stressed the need to closely follow up on oil sales and called on employees to strengthen cooperation and intensify their efforts to turn the country’s existing capabilities into opportunities for development.

Sustaining production growth will depend on coordination across production, field development, processing and sales, as well as stable financing and the effective use of domestic technical expertise. These factors will be essential to translating expanded capacity into sustainable output and reliable revenue for Iran’s economy.