Iranian oil sector growth sees 368% rise in first quarter of 2023
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The increased production and exports have accounted for more than 24% of the country's GDP growth in the spring at 6.2%.
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This Thursday, Nov. 19, 2015 photo shows a general view of a natural gas refinery in the South Pars gas field on the northern coast of the Persian Gulf in Asalouyeh, Iran (AP Photo/Ebrahim Noroozi)
According to Tasnim, the Iranian oil sector's economic growth rate climbed by 368 percent year on year (Y/Y) in the first 3 months of the year.
Data from the Central Bank of Iran (CBI) indicates that the oil sector's economic growth increased to 16.4 % in the first quarter of the current Iranian calendar (which began on March 21, 2023) from 3.5% in the same time during 2022.
In addition, the increased production and exports have accounted for more than 24% of the country's GDP growth in the spring at 6.2%.
In July, Iran’s National Petrochemical Company (NPC), announced that six petrochemical projects, with a budget cost of $2.7 billion and nominal production capacity of nearly 5 million tons annually, are expected to begin at the end of the current Iranian calendar year (to end March 20, 2024).
Reuters reported in June that Iranian oil exports have hit a five-year high despite the United States' "maximum pressure" campaign launched by former US President Donald Trump after Washington's unilateral withdrawal from the nuclear deal in 2018, Reuters reported
According to SHANA, OPEC declared in its most recent report that Iran has reclaimed its position as the world's third-largest crude oil producer.
Due to restrictions imposed by past administrations, Iran's oil output fell, dropping it to fifth place in OPEC.
However, as recently revealed by Oil Minister Javad Owji, Iran is no longer required to restrict its oil and gas condensate output and may "export its crude oil wherever it wants."
According to him, Iran's oil output has already climbed by 43 percent to 3.3 million barrels per day (bpd) from 2.3 million bpd when the current government took office in August 2021.
In an interview with IRNA in June, Owji announced that energy diplomacy with Asian, African, and Latin American countries helped Iran expand its oil market.
In early February, Iranian President Ebrahim Raisi pointed out that the increase in Iran's oil sales and production are things that anger its enemies.
