The Iranian Government has approved a plan to increase national oil production by 400 kb/d (+11%). Iran’s economic council decided that the country’s state-owned National Iranian Oil Company (NIOC) would increase daily crude oil production from the current 3.6 mb/d to 4 mb/d. By implementing this oil production increase plan, which will require an investment of US$3bn, Iran expects to generate an additional income of US$7bn by the end of March 2025.
In March 2024, NIOC signed a series of contracts worth US$13bn for the development of six oilfields in the country to boost Iran’s crude oil output by 350 kb/d. The contracts pertain to the development of Azadegan, Azar, Masjed Soleyman, Soumar, Saman and Delavaran oil fields located in western and southwestern Iran.
Iran holds the fourth largest oil reserves in the world (after Venezuela, Saudi Arabia, and Canada), amounting to 21.5 Gt at the end of 2022, representing 13.5% of the world’s total proved crude oil reserves and 17% of OPEC reserves. The country produced more than 160 Mt (3.53 mb/d) of crude oil in 2022.
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