Iran’s Oil Sector Experiences Giant Economic Growth of 368 Percent in 1 Year
According to the data released by the Central Bank of Iran (CBI), the country’s oil sector’s economic growth rose to 16.4 percent in the first quarter of the current Iranian calendar year (starting March 21, 2023) from 3.5 percent in spring 2022.
It also indicated that the increase in oil production and exports accounts for more than 24 percent of the country’s gross domestic product (GDP) growth in this year’s spring.
Meantime, the GDP including oil grew 6.2 percent and it stood at 5.2 percent excluding oil during the three months.
Iran has repeatedly announced in recent months that its oil output and exports have increased despite the U.S. sanctions.
The monthly reports of the Organization of the Petroleum Exporting countries (OPEC) confirm the rise in Iran’s oil production and exports.
Despite facing US sanctions, Iran has consistently announced an increase in its oil output and exports over recent months.
Monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) also confirm this upward trend in Iran's oil production and exports. In fact, OPEC's latest report reveals that Iran has regained its position as the third-largest crude oil producer within the organization.
Iran had experienced a decline in its oil production due to previous administrations' sanctions, resulting in a drop in its OPEC rank to fifth place. However, according to Oil Minister Javad Owji's recent announcement, Iran is no longer obligated to reduce its oil and gas condensate production and can now freely export its crude oil wherever it desires.
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