Iran Exports 20 Billion Dollars of Oil Products in 5 Months

Hamid Hosseini noted that the number shows that the exports have decreased from nearly $47 billion reported in the previous calendar year.

He added that Iran expects a fall in annual oil export revenues in the calendar year to late March amid lower international oil prices.

Hosseini said that oil exports from the country are expected to reach $43 billion in the year to March 20.

He stated that the total oil and petroleum product exports from Iran had reached nearly $60 billion in the year to late March.

Hosseini said that Iran had exported $20 billion worth of oil and petroleum products in the five months to late August, down more than 16% from the same period last year.

He said the fall in oil export revenues this calendar year has been a result of lower oil prices in international markets, adding that Iran has sold oil at an average price of $63.5 per barrel in the April-August period, which he said is shy of an annual budget target of $68 per barrel.

He added that oil export volumes had also declined from records of 1.8 million barrels per day reported in the last calendar year and in the early months of the current calendar year.

“Thus, there are concerns that oil revenue expected for this year’s budget could not be materialized,” the OPEX spokesman was quoted as saying during a news briefing.

Hosseini said that Iran’s exports of petrochemical and petroleum products, including asphalt, methanol, and some petrochemical products, had declined this calendar year because of an explosion in the country’s largest container port in late April, a 12-day war with the Israeli regime in June, as well as issues with the domestic supply and production of petroleum and petrochemical products.

Meantime, Hamid Bovard, the CEO of the National Iranian Oil Company and Deputy Oil Minister, announced that the country’s oil production has increased over 120,000 barrels every day.

"In the 14th government, an increase in daily production of over 120,000 barrels of oil has been achieved, and this trend will continue with the implementation of ongoing plans and programs," Bovard said.

He stressed the importance of long-term planning for the continuation of production.

Bovard described the formation of specialized working groups and the use of modern technologies as important factors in maximizing the exploitation of reserves, and said, "By using these capacities, billions of barrels of oil in situ can be converted into real wealth."

Officials said crude output rose by more than 120,000 barrels per day over the past year under the 14th administration, while raw gas production reached an unprecedented 1.105 billion cubic meters in the winter of 2024. Authorities say the increases underscore the sector’s central role in stabilizing the nation’s economy.

The administration took office amid intensifying US sanctions, widening budget deficits, inflationary pressure and energy imbalances at home. Despite those challenges, the Oil Ministry reported higher production levels and new investment in key fields.

Daily crude output grew by an average of 120,000 barrels compared with the start of the administration, with a peak increase of 180,000 barrels per day in May 2025. Officials said the rise came from development projects, maintenance programs and the completion of refinery supply networks.

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