Hence, Iran’s oil production volume will witness a 16-percent hike in this period.
The Iranian Oil Ministry believes that oil output production capacity is a bargaining tool in both political and economic relations.
When President Ebrahim Raisi took power in August 2021, Iran managed to increase its oil production capacity to 3,838,000 barrels of oil per day (bpd), which is more than that of the pre-sanctions period in spite of tough sanctions imposed against the country.
Given the significance of this issue, increasing oil output has been emphasized in the 7th Development Plan.
According to the plan, Iran’s oil production capacity will increase to 4,450,000 barrels per day (bpd) by the end of the 7th Development Plan, showing a 16 percent hike.
Iran’s proven oil production capacity will reach 4,250,000 (bpd) while gas condensate production will hit 804,000 barrels per day.