Iran’s current oil and gas production does not match the country’s recoverable reserves, Iranian Oil Minister Javad Owji has said.
Owji said on Tuesday that he believes that Iran's petroleum output could increase significantly, adding that Russia with lower amount of recoverable reserves compared to Iran is currently producing as much as 7.5 million barrels per day (bpd) of oil.
Iran sits atop more than 33 trillion cubic meters of gas reserves and some 154 billion barrels of recoverable oil reserves, the minister added.
He, however, blamed insignificant petroleum production on failure to attract enough investment to the industry.
Owji said that Iran's oil production had exceeded 3 million bpd and the country's gas output has reached more than 1 billion cubic meters per day, up from figures reported in August 2021 when President Ebrahim Raisi's administration came to office.