“The parliament decided to raise the ceiling on oil and condensate exports from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to achieve the level specified in the budget,” Oji said on Iranian television.
Iran, which faces US sanctions over its vital crude oil exports, does not disclose actual numbers of its oil sales.
Oji said that his ministry intends to increase the production capacity of crude and condensate to 5.7 million barrels per day, from quantities ranging between 3.7 and four million barrels per day, without specifying a time frame.
In late 2020, Iran revealed an ambitious plan to increase production capacity to more than 6.5 million barrels per day by 2040, but analysts expressed their belief that this is not realistic.
Consulting firm FGE said last year that it expected Iranian oil production to exceed 4 million barrels per day by 2025, until it reached a maximum level of 5 million barrels per day before starting to decline in 2037.
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