Hamid Bord, Iran's Minister of Oil, announced that 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 285,000 barrels per day and about 8 percent. In addition, oil production in October 2026 has increased by 55,000 barrels per day compared to October 2025.
Effective Measures to Increase Production
Key actions during this period include activating existing capacities, revitalizing low-yield wells, developing shared fields, and strengthening processing and transportation infrastructure. In this context, an emergency plan to increase daily crude oil production by 250,000 barrels with a budget of 3 billion dollars has been defined, of which 70,000 barrels per day of the target has been achieved so far.
Financing and Development Contracts
The financing of this plan is carried out from two sources; 80 percent from the National Development Fund and 20 percent from the internal resources of the National Iranian Oil Company. Development contracts for the Azadegan, Azar, Changuleh, and Band-e-Karkheh fields have been approved with a total investment of about 13 billion euros. In the infrastructure sector, contracts have been signed with the private sector to create new processing capacity of 315,000 barrels per day, bringing the total processing capacity allocated to this sector to 430,000 barrels per day.
On the other hand, 129 drilling rigs are active in the country, and a contract for the provision of services for 20 new rigs worth about one billion dollars has been signed for drilling 270 wells. These actions demonstrate the serious determination of the Ministry of Oil to increase production capacity and improve the country's oil infrastructure.
Pursuing Oil Policies
With the beginning of Hamid Bord's leadership in the Ministry of Oil, who has been at the helm of the National Iranian Oil Company for the past two years, the trend of increasing oil production will continue with an emphasis on the continuity of production and development programs, strengthening oil trading and sales policies, rebuilding damaged areas, collecting flare gases, and accelerating projects ready for inauguration. In his recent statements, Bord emphasized the serious pursuit of oil sales matters and the necessity of solidarity and increased efforts from employees, calling for turning the country's capacities into an opportunity for construction.
Continuing this path depends on coordination among production, development, processing, and sales sectors, sustainable financing, and utilizing the capabilities of domestic specialists. These factors can transform the created capacities into sustainable production and reliable income for the country's economy.
