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"In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realize the level set in the budget," Iranian Oil Minister Javad Owji said. Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales. Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe. In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million bpd by 2040, a statement that is said to be unrealistic for experts. 

Iran oil minister says aiming for 1.4 million bpd crude exports

“In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realize the level set in the budget,” Iranian Oil Minister Javad Owji said. Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales. Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe. In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million bpd by 2040, a statement that is said to be unrealistic for experts. 

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