Oil Minister Calls for Building Capacity for 6.5mbd Crude Oil Output

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh stressed the need to enhance Iran's crude oil production capacity, and said: "I think any administration that comes to power should put the daily production of 6.5 million barrels of oil in its first plans."

"We can easily achieve a daily output of 6.5 million barrels of crude oil, and this figure is not a strange goal; it is a fact that some do not want to accept it and work against it regularly,” said the official addressing the signing ceremony of the Memorandum of Understanding on the development of Azadegan Field studies and implementation of the gas production maintenance plan for Homa, Varavi and Tabnak fields.

He added: "In my opinion, any administration that comes to power should include increasing the amount of oil production to 6.5 million barrels per day as one of its first plans. In addition to creating jobs, this will activate Iranian industries and at the same time provide regional security.".

The Minister of Petroleum noted that the general policy of the Islamic establishment in the field of energy was announced by the Supreme Leader in 2000, and has emphasized on increasing the capacity of maximum efficient oil production in proportion to existing reserves and the country's enjoyment of economic, security, and political power.

He added: "Oil is not only an economic power; it also increases the security and political prowess of the country."

Zangeneh continued: "Do not say that there is no market for oil; markets can be found for oil; Iraq, whose production never exceeded three million barrels per day, has now increased its production to 5 million barrels per day and has a market for it, then Iran cannot find a market to increase its oil output?! We must have will power. There will be success in doing whatever there is will and planning.”

"Increasing daily oil production to 6.5 mbd is not dependence on oil, rather it is independence from oil, because if oil money is invested in the private sector and underground wealth becomes routine, we have distanced ourselves from the oil budget," he said.

“My advice to the future administration is to increase oil production to 6.5 mbd. I will no longer be in the oil industry, and I will not be in any government position, but I feel pity for Iran. I am ready to share my experiences and information with future generations.”

The Minister of Petroleum said: "Be aware that it won’t take long for conventions to be formed to limit oil production of countries and not allow countries and governments to produce oil as they wish, so we must build capacity as long as we have time as international restrictions will become a problem for us; We need to increase our output quickly, and that is a practical goal.”

Zangeneh added: "With regard to oil output enhancement, the important principle is management and technology, not the supply of equipment; the equipment can be provided and now 90% of the equipment needed in the oil industry is made inside Iran, which is not comparable to the last 20 years."

News Code 316923


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