TEHRAN - The head of the National Iranian Oil Company (NIOC) Mohsen Khojasteh Mehr says the country will increase the capacity of daily crude production by 200,000 barrels to reach a total of 4,038,000 by the end of this Persian calendar year.
Khojasteh Mehr told said that Iran’s oil production capacity reached the pre-sanctions level under the administration of President Ehrahim Raisi.
“Currently, the crude production capacity stands at 3,838,000 barrels per day,” said the official, adding that 200,000 more barrels will be added to that figure, thanks to the measures taken so far, by March 20, 2023, when the current Persian calendar year ends.
He added that considering the increase in oil production capacity, it is possible for Iran to increase exports in accordance with the needs of the international markets.
The rise in oil production comes despite the tough sanctions that was restored on Iran by the U.S. in 2018 with the primary goal of bringing the Islamic Republic’s oil exports and relevant revenues to “zero.”