Head of NIOC; Iran's oil production to hit 3.5 million barrels per day

According to the CEO of the national oil firm NIOC, Iran will surpass a historic oil production level of 3.5 million barrels per day (bpd) in late September despite US sanctions.

Iran (IMNA) - Iran's oil production will rise by 150,000 bpd during the next week and by another 100,000 bpd by the end of the month on September 22 to reach a total of 3.5 million bpd, according to Mohsen Khojasteh Mehr.

According to Khojasteh Mehr, the statistic represents a significant rise from the 2.2 million bpd of oil output that was announced in August 2021, just before the current administrative administration headed by President Raeisi assumed office.

He said that Iran's intentions to enhance oil exports will totally benefit from the surge in oil production.

The remarks, which were made at a meeting with the media at the National Iranian Oil Company's headquarters, are the most recent evidence that Iran is putting more oil into the world market despite ongoing pressure from US sanctions.

When Washington placed its sanctions on Iran in 2018, reports earlier this year claimed that the country's nominal oil production capability had been restored to levels above 3.8 million bpd for the first time.

However, achieving a real output of 3.5 million bpd demonstrates that Iran is actually getting back to export levels reached prior to the sanctions, when the country sold 2.2 million bpd of oil to foreign buyers.

Mohammad Reza Farzin, the head of the Central Bank of Iran, added on Wednesday that Iran's oil exports had increased by 41% year over year in the month of July, setting a record high for the past five years.

Head of NIOC; Iran's oil production to hit 3.5 million barrels per day

News ID 678927


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