MNA – The Iranian Parliament's Research Center has held a session to discuss the Iran oil outlook in 2040.

The Iranian Parliament's Research Center’s report entitled “Iran oil outlook in 2040” reads “given the global policies to reduce carbon emissions and the emergence of new technologies for extraction of unconventional resources, Iran's oil reserves can still be exploited for a long time.”

The report stresses estimating the country's capacity to extract oil is more important than estimating the overall volume of Iranian oil.

Of the 98 oilfields in Iran, since 1913, about 72 billion barrels of oil have been extracted. The annual decline in oil fields in Iran stands at 6%, with repairs costs taken into account. While the production of new wells in 2016 was about 1.7 million bpd at a decline rate of 2.3% per year.

According to the most likely scenarios, crude oil production capacity is expected to reach 4 million bpd by 2020 and to reach 4.4 million bpd by 2030.

It is also expected that gross annual oil revenues in the next decade will reach the level of 2012-2011, which stood at around $ 150 billion.