Iran plans to increase its oil production to reach 3.6 million barrels per day (mmbbl/d) by the end of the current Iranian calendar year, which concludes on March 20, 2024, said Iran’s oil minister Javad Owji.

Highlighting Iran’s significant oil reserves of 163 billion barrels, Owji stated that the country aims to achieve a production level of 5.7 mmbbl/d by the end of Iran’s Seventh National Development Plan in 2026.

The minister also revealed that six contracts have been signed for joint oil and gas fields, primarily focusing on the joint fields in the west of Karun in southwest Iran including Azadegan and Yaran. The total value of these contracts amounts to approximately $14.5 billion.

Owji further provided an update on the Forouzan Oil Field, stating that oil production in 2021 reached 24,000 bbl/d. Currently, production has increased to 30,000 bbl/d, and the minister anticipates a further increase to 40,000 bbl/d by the end of September 2025.

Notably, last month, Iran’s oil production reached 3.4 mmbbl/d, surpassing the previous level of 2.9 mmbbl/d, said Hamid Hosseini, the spokesman of the Iranian Oil, Gas, and Petrochemical Products Exporters’ Union.