TEHRAN - The head of the National Iranian Oil Company (NIOC) has said that the country's daily oil production volume has increased by 60,000 barrels.

"With the planning and efforts made in this regard, despite some unforeseen repairs that occurred, fortunately, more than 60,000 barrels per day have been added to the country's oil production since August this year," Hamid Bovard told IRIB.

The deputy oil minister stated that since the 14th administration took office in August, Iran's daily oil production has increased by 60,000 barrels, predicting that the country's oil output will rise by 200,000 to 250,000 barrels per day (bpd) by the end of the current Iranian calendar year (March 20, 2025).

He further pointed out that this additional production capacity mainly comes from plans implemented in the oil-rich areas of the south including West Karoun, and the operational areas covered by Arvandan Oil and Gas Production Company.

According to the official, the Iranian Central Oil Fields Company (ICOFC) also has been able to raise oil production by bringing new wells into operation and carrying out desalination projects.

Referring to the oil minister's promise in the parliamentary vote of confidence session to increase daily oil production by 400,000 barrels within a year, he said that all branches of the government, including the National Development Fund (NDF), the Central Bank of Iran (CBI), and Planning and Budget Organization (PBO) have assisted the ministry in securing financial resources to achieve the goal.

Concerning oil exports, the NIOC head also mentioned that despite all the problems, the situation is good and satisfactory.

Extensive efforts are underway to achieve maximum oil production, so we plan to finalize the contracts for all projects that face uncertain contractual status by the end of this year, Bovard added.

EF/MA