(MENAFN) The latest data released by the International Monetary Fund (IMF) indicates a significant uptick in Iran's oil production for the year 2023, with an increase of 500,000 barrels per day (bpd) compared to the previous year, reaching a total of 3.1 million bpd. This surge contributed to a remarkable 15 percent growth in the oil sector of Iran's economy during 2023. Notably, over the course of President Ebrahim Raisi's three-year tenure, the oil sector experienced consistent double-digit growth, with respective increments of 10.1 percent, 10 percent, and 15 percent recorded in 2021, 2022, and 2023.
Looking ahead, forecasts suggest that Iran's oil production will continue its upward trajectory, with an anticipated increase of another 100,000 bpd, reaching 3.2 million bpd by the end of 2024. Similarly, Iran's gas production demonstrated growth, rising from the equivalent of 4.8 million barrels of oil per day in 2022 to 5.1 million bpd in 2023. The IMF projects a further uptick of 300,000 bpd in gas production, reaching the equivalent of 5.4 million bpd by the close of 2024.
In terms of exports, Iran's oil sector experienced a notable surge, with oil exports reaching 1.4 million barrels per day in 2023, representing a 500,000-barrel increase compared to the previous year. Projections indicate a continuation of this trend, with an additional 100,000 barrels expected to be added to Iran's oil exports in 2024, reaching 1.5 million bpd. Gas exports remained steady in 2023, maintaining the equivalent of 300,000 barrels of oil per day, with no significant change anticipated in 2024.
These developments align with recent reports, such as Financial Times' observation that Iran is currently exporting more oil than at any time in the past six years, providing a substantial boost to its economy estimated at USD35 billion annually. Tehran's average oil exports reached 1.56 million barrels per day during the first three months of the year, primarily directed towards China, marking the highest level since the third quarter of 2018, according to data from Vortexa.
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