TEHRAN - The managing director of the National Iranian Oil Company (NIOC) announced a 70,000-barrel-per-day (bpd) increase in the country's oil production and a rise in gas output to over 30 million cubic meters in recent months.

Hamid Bovard, head of NIOC, told state news agency IRIB that Iran's oil industry has played a significant role in the national economy for decades. He highlighted key developments since the 1979 Islamic Revolution, including the expansion of various oil and gas fields and the large-scale development of the South Pars gas field.

"In recent months, we have increased oil production by 70,000 barrels per day and boosted gas output by more than 30 million cubic meters, marking another achievement for the country," Bovard said.

He also noted the finalization of major oil sector contracts. "The integrated development contract for the Azadegan oil field, valued at $10 billion, has been approved by the Economic Council and awarded to relevant contractors. This is one of the major development projects successfully executed under the 14th administration," he stated.

Additionally, smaller projects worth €160 million are in progress. Bovard further announced that a significant oil industry project is set to be unveiled next week.

Iran’s oil production has been steadily increasing despite ongoing international sanctions. According to industry sources, the country’s daily crude output has exceeded 3.4 million barrels per day, with exports showing resilience in key markets, including China. The Iranian government has also focused on expanding production from mature fields and enhancing recovery rates through advanced extraction techniques.

The rise in output comes as Iran looks to strengthen its position in global energy markets. The country has been actively negotiating with international partners to secure new investment and technology, aiming to push production levels closer to pre-sanction figures.

Higher oil revenues are expected to support Iran’s economy amid inflationary pressures and currency fluctuations. With global oil demand projected to remain strong, the government is prioritizing energy sector development as a key driver of economic growth in the coming years.

EF/MA