Iranian Oil Minister Predicts Record High in Oil Exports for This Year
Date
3/26/2023 1:54:02 AM
(MENAFN) Iran's Oil Minister, Javad Oji, has announced that the country expects to reach a new record high in its oil exports for the current Iranian calendar year 1402, which began on March 21. Oji stated that Iran's oil exports in 1401 were 83 million barrels higher than the previous year and 190 million barrels higher than the export in 1399. The minister highlighted that Iran's oil exports have now reached the highest figure in the last two years.
Despite the tightening of cruel sanctions and other challenges, Oji praised the efforts of Iran's oil and gas industries, which have contributed to the country's good records in exporting crude oil, gas condensate, and petroleum and petrochemical products. The Oil Ministry is one of the main providers of Iran's foreign currency, and the increase in oil exports is crucial for the country's economy.
Iran has faced significant economic hardship due to the impact of U.S. sanctions on its oil exports, which have been a key source of revenue for the country. However, the Iranian government has taken various measures to mitigate the impact of sanctions and diversify its economy. The increase in oil exports is a positive sign for the country's economic recovery, as it will help to boost foreign currency reserves and support economic growth.
Iran is a major oil-producing country and has significant reserves of oil and gas. The country has been seeking to increase its oil exports in recent years, despite the challenges posed by U.S. sanctions and other obstacles. The Iranian government has been working to increase the efficiency and productivity of its oil and gas industries, as well as to attract foreign investment in these sectors.
The prediction of a new record high in Iran's oil exports for 1402 is a positive development for the country's economy. However, it remains to be seen how this prediction will play out in practice, given the ongoing challenges posed by U.S. sanctions and other factors. Nevertheless, Iran's continued efforts to increase its oil exports are a testament to the resilience and determination of its people and government, even in the face of adversity.
MENAFN26032023000045014228ID1105862028
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.