Iran says it has the world's largest oil and gas reserves

The Iranian government has announced that the country has made significant achievements in energy development, with 340 billion barrels of oil and gas reserves, the largest in the world.

Muhsin Kojestmehr, deputy oil minister and chief executive officer of the National Iranian Oil Corporation, said Wednesday that Iran's energy development has been rapid after years of efforts, and the country's oil and gas reserves have reached 340 billion barrels, the largest in the world, the Rapprochement daily reported.

Based on current developments, the country is expected to produce 5.7 million barrels of crude oil per day and 1.7 billion cubic meters of natural gas per day by 2029, Kojastmehel noted. He also said Iran plans to develop 700 oil Wells.