11 July 2024 - 14:43
  • News ID: 644106
Oil Industry Growth Hitting 8 Percent

SHANA (Tehran) - The oil industry is predicted to grow 8 percent over the five-year development plan to March 2028 amid rising oil production to 5.5 million barrels daily.

Reporting about the oil industry’s programs to the cabinet meeting presided over by the acting president Mohammad Mokhber on Wednesday, the petroleum minister said that the country’s oil production reached the stable figure of 3.6 million barrels per day at the end of the Iranian calendar year of 1402; which ended on March 20, 2024.

He continued: under the contracts signed with well-established contractors, oil production will increase to 4 million barrels per day this year, up by 400.000 barrels per day against last year, and consequently will raise oil revenues by 10 billion dollars annually.

During the cabinet meeting, the acting president emphasized that the 13th administration should fulfill its duties without any delays and do its best to cooperate with the president-elect Masoud Pezeshkian and the upcoming administration, which is planned to take office next month.

“The staff of the 13th administration should continue their cooperation with the president-elect Masoud Pezeshkian until the moment of handing over the affairs to the 14th administration,” Mokhber said.

News ID 644106


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