Iran's new Oil Minister, Mohsen Paknejad, has announced plans to ramp up the country’s hydrocarbon production. This statement came shortly after Paknejad was confirmed as the Minister by the Iranian Parliament, according to Shana.
The new minister's plans include increasing daily oil production by 400,000 barrels by the end of March 2026. This represents a substantial increase, given the current production levels in the country.
According to OPEC, Iran already showed significant progress in oil production in July of this year, with output reaching 3.271 million barrels per day, a 20% increase from June.
It's important to note that Iran possesses substantial hydrocarbon reserves. The country is currently operating 74 oil fields and 22 gas fields, with total hydrocarbon reserves estimated at 1.2 trillion barrels, making Iran a key player in the global energy market.
Mohsen Paknejad is no stranger to Iran’s oil industry. From 2018 to 2021, he served as Deputy Oil Minister, giving him deep insight into the industry and its potential.
