SHANA (Tehran) – Iran’s oil production will increase to 3.5 million barrels per day from 3.3m bpd by the end of the current Iranian calendar year (March 19, 2024), said the National Iranian Oil Company (NIOC) managing director on Monday.

Speaking to reporters, Mohsen Khojastehmehr added production in Sepehr and Jofeir oil fields in southwestern Iran started with a 20,000 bpd output last week.

According to him, the official inauguration ceremony of the two fields will be held in the presence of Oil Minister Javad Owji soon.

OPEC's latest Monthly Oil Market Report (MOMR) published on Thursday showed that Iran's September production rose to the highest in years despite sanctions.

The increase in production aligns with Iran’s efforts to restore its oil output to pre-sanctions levels, the report added.