TEHRAN – The Iranian Minister of Petroleum Javad Owji says each 100,000 barrels of oil generates $2.8 billion income for the country, adding that oil production volume has reached from 2.2 million to 3.6 million barrels per day (bpd), showing a considerable hike.
Speaking on the sidelines of the Cabinet meeting on Wednesday, he pointed out that the oil production volume has considerably increased during the administration of the late President Raisi, which assumed office in August 2021. 
He told reporters he thinks that the oil industry should be persistent in achieving its target of increasing oil production to 4 million barrels per day at the end of the current Iranian calendar year of 1403, which ends on March 20, 2025.     
The production of oil is one of the strategies to prevent the budget deficit and increase the government’s revenues, Owji said, and put the liquid hydrocarbon reserves in the country at more than 153 billion barrels.
The more oil production volume is increased, the government’s revenues will also increase simultaneously, he underlined.
Back on July 02, Iran’s minister of oil said that the oil sector of the country witnessed significant growth over the first three months of this year in the Iranian calendar (March 21 to June 22, 2024).
The Economic Coordination Headquarters held a meeting presided over by the acting president Muhammad Mokhber, where the Central Bank of Iran (CBI) and the Planning and Budget Organization (PBO) provided reports about inflation and economic growth, Owji added.