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Iran has signed $13 billion contracts for the development of six oil fields, aiming to increase daily production by 350,000 barrels per day. The deals are the largest in the energy sector for the past decade and were signed with local companies. Iran has been working on boosting oil production and exports, with an average daily output of 1.29 million barrels last year. The boost would cost about $70 billion. Last year, Iran's oil production was expected to reach 3.6 million barrels by the end of the calendar year.

Iran Signs $13 Billion Worth of New Oil Contracts

Iran has signed $13 billion contracts for the development of six oil fields, aiming to increase daily production by 350,000 barrels per day. The deals are the largest in the energy sector for the past decade and were signed with local companies. Iran has been working on boosting oil production and exports, with an average daily output of 1.29 million barrels last year. The boost would cost about $70 billion. Last year, Iran’s oil production was expected to reach 3.6 million barrels by the end of the calendar year.

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