Iran's Oil Production, Exports Continue to Rise Despite Sanctions
Date
4/17/2023 2:20:18 AM
(MENAFN) The Organization of the petroleum Exporting Countries (OPEC) has reported that Iran's oil production has increased by 37,000 barrels per day (bpd) in the first quarter of 2023, with the average price of Iranian heavy oil during this period at USD80.67. The latest monthly report from OPEC, citing secondary sources, reveals that Iran's average oil production in the first quarter of 2022 reached 2.565 million bpd.
Iran's President Ebrahim Raisi recently announced that the oil and gas sector experienced a growth of nine percent in the past Iranian calendar year 1401, which ended on March 20. Raisi considers this growth promising and has pledged to follow the wise slogan of 1402, which is "Inflation Control and Production Growth."
Oil Minister Javad Oji anticipates a new record high in the country's oil exports for the current Iranian calendar year. The minister announced that the country's oil export in 1401 was 83 million barrels more than that of 1400 and 190 million barrels more than the export in 1399. The Oil Ministry is one of the main providers of Iran's foreign currency, and despite the tightening of cruel sanctions, the country has achieved good records in the field of exporting crude oil, gas condensate, and petroleum and petrochemical products.
Despite the negative impacts of U.S. sanctions, Iran has been ramping up its oil production and exports over the past few months. In November 2022, President Raisi highlighted the failure of the enemy's policy of maximum pressure, stating that the country's oil export had reached pre-sanction levels. The U.S. Energy Information Administration (EIA) previously reported in January that Iran's average oil production in 2022 was 2.54 million bpd, 140,000 bpd more than the previous year. In 2021, Iran's oil production was about 2.4 million bpd.
Overall, despite facing harsh economic sanctions, Iran's oil industry continues to show resilience and growth, with the country's oil production and exports reaching pre-sanction levels. The Oil Ministry's efforts, coupled with the grace of God, have enabled Iran to achieve good records in exporting crude oil, gas condensate, and petroleum and petrochemical products.
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