Iran's Minister Provides Details On Nation's Crude Oil Exports

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 11. Iran continues crude oil export despite various rumors about a decrease in the export, the country's oil minister, Mohsen Paknejad, told reporters on the sidelines of a meeting of the Cabinet of Ministers in Tehran today, Trend reports.

He indicated that unprecedented metrics were documented in the realm of Iran's crude oil exportation across various temporal segments.

Paknejad articulated that, consequently, the assertions proliferating regarding the downturn in Iran's crude oil exports are unfounded.

The minister refrained from divulging specifics regarding the quantitative metrics and fiscal valuation associated with crude oil exportation.

In light of the geopolitical constraints imposed by US sanctions on Iranian hydrocarbon exports, Iran has adopted a policy of opacity regarding its crude oil export data.

As many as 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three

Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.

The US imposed new sanctions on Iran in November 2018 over its nuclear program. Over the past period, the sanctions have included Iran's oil exports, more than 700 banks, companies, and individuals.

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