Iran plans significant increases in oil production by 2026 – IRNA
Iran plans to ramp up its oil production to reach 3.6 million b/d by March next year, its state-owned media agency IRNA reported citing Iranian oil minister Javad Owji.
PHOTO: Oil pipeline valve in front of the Iranian flag. Getty Images
Iran further plans to increase its oil production to 5.7 million b/d by 2026, according to IRNA.
According to Owji, the Middle Eastern nation’s current oil reserves stand at 163 billion bbls, IRNA reported.
Oil production in the country's Forouzan Oil Field has increased to 30,000 b/d from 24,000 b/d in 2021 and is slated to increase further to 40,000 b/d by the end of September 2025, IRNA reported citing Owji.
Meanwhile, the International Energy Agency estimated the OPEC member’s supply at 3.1 million b/d in October. Iran is exempted from production targets.
Iran could theoretically supply more oil to the global market by increasing its output. However, lingering US sanctions will dent those prospects.
In addition, the US House of Representatives passed a bipartisan bill to impose additional sanctions on Iranian oil and petroleum products earlier this month. The bill seeks to limit crude oil exports and other petroleum products.
The bill must now be approved by the Senate and US President Joe Biden before it can be enacted into law.
By Konica Bhatt
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