Iran's sees jump in oil exports

Oil&Gas Materials 15 November 2021 14:21 (UTC +04:00)

TEHRAN, Iran, Nov. 15


A member of the Iranian Parliament announces a slow initial increase in Iranian oil exports, Trend reports citing IRNA.

An Iranian MP Seyed Musa Mousavi said an increase in sales and exports of Iranian oil in the last few months, despite sanctions.

The member of the Energy Commission of the Parliament addressed the need to use the capacity of the private sector and foreign investors to finance the country's oil development projects.

According to IRNA, the Minister of Oil, Javad Oji presented a report during his meeting with the MPs of Industries and Mines Committee of the Parliament last week.

Iran’s minister of Oil, Javad Owji, has said his agenda included the development of the existing refineries and construction of new ones, although the country has become self-sufficient in gasoline production. That is aimed at the persistence of reducing crude sales.

The Islamic Republic of Iran has proper capacity in oil reservoirs and holds over 150 billion barrels of oil that could be extracted, he noted.

"If we consider maximum efficient recovery from these reservoirs we will have good production capacity. With upstream plans, oil production capacity will increase over four to five years both in joint and independent fields. Enhancing the production capacity enables us to upgrade the refining capacity and guarantee the energy security while going ahead with oil exports,” Owji added.