10 July 2024 - 14:55
  • News ID: 644101
Rising Oil Production to 4 m/d within Reach, Owji

SHANA (Tehran) – The Iranian Minister of Petroleum says every 100 100,000 barrels of oil production per day generates 2.8 billion dollars of revenues annually, so the more the country's oil production and refining capacity increases, the more the country's economic power and foreign exchange resources increase.

Speaking with reporters on the sidelines of the cabinet meeting on Wednesday, Javad Owji added that relying on domestic capabilities has marked tremendous changes in the oil industry, adding rising oil production success has been achieved during an era of harsh sanctions.

He told reporters he thinks that the oil industry should be persistent in achieving its target of increasing oil production to 4 million barrels per day at the end of the current Iranian calendar year of 1403, which ends on March 20, 2025.     

Increasing oil production is a desirable solution for boosting government revenues and preventing budget deficit, the Minister of Petroleum said, adding Iran sits atop more than 153 billion barrels of liquid hydrocarbon reserves, so the more the oil production and refining capacity be increased, the more the country's economic power and foreign exchange resources will increase.  

Referring to rising road trips in summer and managing gasoline storage, he said that the Petroleum Ministry had taken successful non-price initiatives, which has led to managing gasoline consumption.

News ID 644101


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