(MENAFN) Iran's oil production and export have been on the rise despite the negative impacts of the U.S. sanctions. In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) announced that Iran's average oil production reached 2.565 million barrels per day in the first quarter of 2023, representing an increase of 37,000 barrels per day compared to the previous quarter. The organization also reported that the average price of Iranian heavy oil during this period was USD80.67.
Last week, Iranian President Ebrahim Raisi stated that the oil and gas sector experienced a growth of 9 percent in the past Iranian calendar year 1401. He emphasized the importance of controlling inflation and promoting production growth in the current year, which he deemed promising.
Iran's Oil Minister Javad Oji recently announced that the country is set to reach a new record high in oil exports in the current Iranian calendar year. He reported that the country's oil exports in 1401 were 83 million barrels more than the previous year and 190 million barrels more than in 1399. Despite the tightening of cruel sanctions, the Oil Ministry's efforts have led to good records in exporting crude oil, gas condensate, and petroleum and petrochemical products.
President Raisi highlighted the failure of the enemy's policy of maximum pressure, stating that Iran's oil export has reached pre-sanction levels. In January, the U.S. Energy Information Administration (EIA) reported that Iran's average oil production in 2022 was 2.54 million barrels per day, 140,000 barrels per day more than the previous year. Iran's oil production in 2021 was about 2.4 million barrels per day.
Despite the U.S. sanctions, Iran has been ramping up its oil production and exports over the past few months. The country's oil and gas industry's growth and success in exporting petroleum and petrochemical products have contributed significantly to the country's economy and foreign currency reserves.
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