Iran must reach 8.5 mbpd of oil output: Advisor to Leader
The top economic advisor to the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei says oil output in the country should meet a target of 8.5 million barrels per day (bpd) in several years’ time despite efforts to reduce direct sale of crude to minimize the impacts of foreign sanctions.
Ali Aqamohammadi made the remarks on Monday during a ceremony to award enhanced oil recovery (EOR) contracts to major Iranian universities and research centers.
“Oil is set to continue to have a significant position in the economy and the decision is that oil production should reach 8.5 million bpd,” said Aqamohammadi, according to remarks covered by the semi-official Tasnim news agency.
The comments came as the Iranian Oil Ministry signed 13 EOR contracts worth over 57 million euros with universities and research centers across Iran.
Iran’s Oil Minister Bijan Namdar Zanganeh was watching on as the National Iranian Oil Company officials awarded the contracts.
Aqamohammadi, whose presence in the ceremony was a sign of the significance of the contracts for the office of Ayatollah Khamenei, said that the academia in Iran had an acceptable record in the nine previous EOR contracts, adding that universities should become more involved in development projects in the petroleum sector.
Iran has maintained an oil output of around 3 million bpd despite decreased exports as a result of US sanctions that were enacted in November 2018 and toughened in May 2019. Lower demand for oil because of the global spread of the coronavirus has also failed to dent Iran’s crude production.
Oil Ministry officials have indicated that the country would be able to immediately reach an output of over 4 mbpd to pump oil to foreign customers.
However, major discoveries reported in recent years as well as growing demand for crude in downstream sections of Iran’s massive oil and gas industry means the country needs to significantly increase its production over the next few years.
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