BAKU, Azerbaijan, Feb. 5
By Elnur Baghishov - Trend:
Current volume of daily crude oil production in Iran is 3.7 million barrels, Iranian Deputy Oil Minister Houshang Falahatian said at a press conference, Trend reports via Mehr News Agency.
Falahatian said that 1.7 million barrels of this volume can be used daily in Iran's refineries.
Iran could export the remaining crude oil, the deputy minister added.
However, Iran should abstain from exporting crude oil due to the US sanctions imposed on the Iranian oil sector, Falahatian noted.
The deputy minister added that various proposals regarding the construction of new oil refineries, have been made to potential investors.
The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions in several stages. These sanctions greatly affected Iran's oil exports.
In total, there are 125 oil fields and 59 gas fields in Iran. Iran’s total hydrocarbon reserves are estimated at 836 billion barrels. With the technology equipment, it is possible to extract 239 billion barrels. Iran has access to 29 percent of the reserves, while 71 percent remain untouched.