Minister: Iran’s Oil, Gas Industry Records Unprecedented Economic Growth

The Statistical Center of Iran has reported that the Oil Ministry has had the best record, Owji told reporters.

The achievement was made by investment, a top priority in the Oil Ministry, he added, noting that investment helps boost production and create added value.

Iran ranks first in the world in terms of oil and gas reserves on aggregate and “we have to use the God-given blessing and potential capitals for making desirable progress”, Owji said.

Earlier, Head of the Plan and Budget Organization (PBO) Davoud Manzour had also announced that the oil and gas group’s economic growth hits 25.6 percent, the highest rate in the industry.

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 US sanctions.

The monthly reports of the Organization of the Petroleum Exporting countries (OPEC) confirm the rise in Iran’s oil production and exports.

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