In the past two years, Iran's oil industry has significantly progressed in developing production capacity despite ongoing sanctions and financial and technological restrictions. According to announced statistics, the country's daily crude oil production capacity has increased from 3 million and 430 thousand barrels in September 2024 to 3 million and 715 thousand barrels in October 2026; this increase is equivalent to 285 thousand barrels per day and about 8.3 percent.
Production Increase and Emergency Plan
Oil production in October 2026 has increased by 55 thousand barrels per day compared to October 2025. Key actions during this period include activating existing capacities, revitalizing low-yield wells, developing joint fields, and strengthening processing and transportation infrastructure. In this regard, an emergency plan to increase crude oil production by 250 thousand barrels with a budget of 3 billion dollars has been defined, of which 70 thousand barrels per day has been achieved so far. The financing of this plan includes 80 percent from the National Development Fund and 20 percent from the internal resources of the National Iranian Oil Company.
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Field Development and Infrastructure Contracts
In line with field development, contracts for the Azadegan, Azar, Changizole, and Band-e Karkheh fields have been signed with a total investment of about 13 billion euros. Additionally, in the infrastructure sector, private sector contracts have been signed to create 315 thousand barrels per day of new processing capacity, bringing the total processing capacity allocated to this sector to 430 thousand barrels per day.
Furthermore, 129 drilling rigs are active in the country, and a contract for the provision of services for 20 new rigs worth about 1 billion dollars has been signed for drilling 270 wells.
Now, with Hamid Bord taking over the Ministry of Oil, who has been at the helm of the National Iranian Oil Company for the past two years, and his emphasis on continuing production and development programs, the trend of increasing oil production will continue. In his recent statements, Bord has stressed the serious pursuit of oil sales and the necessity of solidarity and increased efforts from employees, calling for turning the country's capacities into opportunities for construction.
The continuation of this path depends on coordination among production, development, processing, and sales, sustainable financing, and utilizing the capabilities of domestic specialists; factors that can transform the created capacity into sustainable production and reliable income for the country's economy.
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