Mohsen Paknejad was appointed Iran’s new oil minister on 21 August, securing the support of 222 out of 288 MPs. Mr Paknejad has had a two-decade career in the industry, serving in various positions within both the ministry and state oil firm NIOC (MEES, 16 August). Outlining his program to parliament, the new oil minister promised to carry on with plans to add 400,000 b/d to crude oil capacity, vowing to achieve this by the end of the next Iranian calendar year in March 2026.
Driven by exports to China and lax US sanctions enforcement, oil production has risen to around 3.2mn b/d thus far this year, but remains well below Iran’s claimed 3.6mn b/d capacity. The plan would require government funds (MEES, 31 May) as well as investment by private Iranian firms (MEES, 22 March), and is highly unlikely to be achieved in less than two years. (CONTINUED - 184 WORDS)