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Iran's National Iranian Oil Company (NIOC) plans to increase oil production by 250,000 barrels per day (bpd), aiming for a total output of 3.5 million bpd by the end of next month. Since President Ebrahim Raisi's inauguration in August 2021, Iranian oil production has risen from 2.2 million bpd to 3.1 million bpd in July 2023, marking the highest level in nearly five years. This growth follows a history of fluctuation due to factors like sanctions, with the last time Iran produced 3.5 million bpd estimated to be in October 2018.

Iran Plans To Boost Oil Output To 3.5 Million Bpd Before October

Iran’s National Iranian Oil Company (NIOC) plans to increase oil production by 250,000 barrels per day (bpd), aiming for a total output of 3.5 million bpd by the end of next month. Since President Ebrahim Raisi’s inauguration in August 2021, Iranian oil production has risen from 2.2 million bpd to 3.1 million bpd in July 2023, marking the highest level in nearly five years. This growth follows a history of fluctuation due to factors like sanctions, with the last time Iran produced 3.5 million bpd estimated to be in October 2018.

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