Iran Plans to Restore 3mbpd Oil Production in 60 Days
Iraq’s Oil Ministry said it is working to restore production to more than 3 million barrels per day (mbpd) within two months, following a sharp decline caused by the US-Israeli war against Iran.
The announcement came in remarks by spokesman Salim Farhoud to the Iraqi News Agency, as Washington and Tehran reached an agreement to end the war that had prompted significant output reductions across the region.
Iraqi oil production fell by around 60% due to the war, dropping to 1.3 million barrels per day from 3.3 million barrels before the war began.
Farhoud said there is no fixed timeline for exports to return to previous levels, citing differences in reservoir conditions and production capacity across fields.
He noted that operating companies had begun restoration work, with most firms, particularly Chinese companies, still present at sites, and that fields with reduced capacity had already started ramping up output.
“It is possible that we will return within one to two months to the previous production levels, which exceed 3 million barrels per day from the southern fields,” said Farhoud.
Iraq is among the world’s largest oil producers and exporters, with proven reserves estimated at around 145 billion barrels, according to official figures. OPEC Estimates 23% Global Energy Demand Growth
