RoydadNaft –  The CEO of the National Iranian Oil Company (NIOC) says that since the 14th administration took office in August, Iran’s daily oil production has increased by 60,000 barrels, predicting that by the end of the Iranian year of 1403 on 20 March 2025, production to reach about 200,000 to 250,000 barrels per day.

Speaking with the Islamic Republic of Iran Broadcasting (IRIB), Hamid Bovard added: With the planning and efforts made, despite some unforeseen repairs that occurred, fortunately, more than 60,000 barrels per day have been added to the country’s oil production since August this year.

He further said: This additional production capacity mainly comes from plans implemented in the oil-rich areas of the south including West Karun, and the operational areas covered by Arvandan Oil and Gas Production Company.

According to him, the Iranian Central Oil Fields Company (ICOFC) also has been able to raise oil production by bringing new wells into operation and carrying out desalination projects.

Bovard stated: We forecast that by the end of the year, we will reach the goal of increasing oil production by about 200,000 to 250,000 barrels per day, this is evident in oil sales and the increase in petroleum product production.

Referring to the Petroleum Minister’s promise in the parliamentary vote of confidence session to increase daily oil production by 400,000 barrels within a year, he said: All branches of the government, including the National Development Fund, the Central Bank, and the Organization of Planning and Budget, have assisted us in securing financial resources to achieve the goal.

Concerning oil exports, the CEO of the National Iranian Oil Company also mentioned that despite all the problems, the situation is good and satisfactory.

Bovard said: Extensive efforts are underway to achieve maximum oil production, so we plan to finalize the contracts for all projects that face uncertain contractual status by the end of this year.