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Iran Reports Growth in Oil, Gas Exports

Iran has exported $26.46 billion worth of crude oil since the start of its calendar year, in March, contributing to a 7% increase in total trade, which stood at $112 billion in the period.

This is according to customs data from Tehran, as cited by Reuters.

For next year, Iran’s government is making budget plans based on an expected daily average crude oil export rate of 1.35 million barrels, at an average price of $65 per barrel.

Gas exports, meanwhile, did even better, according to the data. These rose by an impressive 139% in the seven months between March and October, topping $2 billion in terms of value, according to the Trade Promotion Organization of Iran, a government agency.

Earlier this year, oil minister Javad Owji said the government expected oil production to add 300,000 bpd from the current production rate, to reach 3.6 million barrels daily by the start of the next calendar year.

Iran has recently signed six contracts for the development of oil and gas fields in the past months, including deals to develop joint fields in the west of Karun, such as Azadegan and Yaran. The total value of the contracts is $14.5 billion, according to the minister.

Earlier this month, Owji said that Iran’s oil production has jumped by 50% percent since the current administration came into office two years ago.

Some analysts have attributed Iran’s higher oil sales abroad despite the current sanctions to the U.S. not looking to clamp down too much on the exports as it looks to keep oil markets well supplied.

However, Iranian exports could come under pressure as the United States signaled last month that it would tighten the sanctions on Iran’s oil industry.

This weekend, the U.S. accused Iran of launching a drone strike that hit a ship in the Indian Ocean, off the coast of India. This is the first time the U.S. has accused Iran of direct involvement in ship strikes after claiming it was helping the Yemeni Houthis who are targeting ships passing through the Red Sea.

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By Irina Slav for Oilprice.com

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  • Mamdouh Salameh on December 27 2023 said:
    A growth of 7.0 percent in Iran’s crude oil exports during the last ten months of 2023 goes to underline the utter failure of US sanctions.

    Moreover, Iran is expecting higher revenue from oil exports in 2024 despite basing its budget revenue on an oil price of 65 dollars a .barrel.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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