Iran is expected to produce as much as 3.5 million barrels per day (bpd) by late September despite tough Western sanctions on the country, according to Deputy Oil Minister Mohsen Khojastehmehr.
He said that Iranian oil output stood at 2.2 million bpd when President Ebrahim Raisi took office two years ago in August 2021.
Khojastehmehr, also the CEO of the National Iranian Oil Company (NIOC), said that Iran is ready to inaugurate Phase 11 of the South Pars Field in southern Iran.
He added that Phase 16 will also come to stream by winter.
The official said that Iran is scheduled to sign $8 million worth of contracts for the shared fields in the second half of the calendar year (September 23, 2023 – March 20, 2024).