Iran's oil production, exports thrive despite sanctions

10/2/2023 7:41:22 AM

(MENAFN) Iran's Oil Minister, Javad Oji, has highlighted the notable increase in the country's oil production and exports, even in the face of sanctions imposed over the past two years. Confirmations from U.S. senators and Western media outlets validate this upward trajectory in Iran's energy sector. Oji attributed this remarkable achievement to the unwavering dedication and efforts of the Oil Ministry's workforce, emphasizing their role in driving progress.

Reports from the Statistical Center of Iran (SCI) and the Central bank of Iran (CBI) underscored the substantial economic growth within the domestic oil and gas industry during the spring of 2023. The SCI recorded a remarkable 19.8 percent growth rate, while the CBI reported a robust 16.4 percent expansion, reflecting commendable advancements in both upstream and downstream sectors. These statistics serve as a testament to the resilience and effectiveness of Iran's energy industry, which has managed to thrive in the face of adversity.

This positive trajectory has also been corroborated by external sources, with Bloomberg reporting an ongoing increase in Iran's oil exports. In August, these exports reached a daily average of 1.85 million barrels per day (bpd), indicating a sustained upward trend in the country's energy exports. Iran's ability to boost oil production and exports in the midst of sanctions underscores its capacity to adapt and persevere in the global energy market, despite external challenges.

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