On
October 29, the spokesman of the Iranian Oil, Gas and Petrochemical Products
Exporters’ Union said that Iran’s oil production has increased to 3.4 million
barrels per day, despite the US sanctions aimed at curbing oil exports and the
associated revenue to Iran’s government.
“The latest reports show that Iran’s oil production has
increased to 3.4 million barrels per day, while it was about 2.9 million
barrels per day until recently,” Hamid Hosseini told IRNA.
Given
that previously closed oil wells have been reopened and returned to the
production cycle, Iran can increase its oil production to 3.8 million bpd, he
said.
“If we seek to increase oil exports from 3.8 million barrels
per day to 4.2 million bpd in the 7th National Development Plan, we need to
invest an average of US$25,000 for each barrel of oil. Since these oil wells,
we have the opportunity to increase the oil production to 3.8 million barrels
per day,” he explained.
Hosseini also said that about 40,000 bpd have been added to
the country’s oil production from the Sepehr and Jafir oilfields, which can
help with the economic growth of the country.
