IMF Assesses Iran’s Oil Production beyond Expectations
The IMF revised up its previous economic growth projection for Iran in 2023, attributing it to a higher-than-expected increase in the country’s oil production.
Releasing its latest quarterly report, known as World Economic Outlook, the IMF said Iran's economy grew 5.4 percent in 2023 showing a remarkable boost compared to the preceding year. The international agency had previously predicted a three-percent growth for the country's economy in that year.
The IMF also forecast a 3.7 percent economic growth for Iran in 2024, while its previous projection in October 2023 had put the figure at 2.5 percent.
The world body attributed the hike in Iran's growth rate to a surge in the country’s oil output, which it said has surpassed 2.7 million barrels per day so far in 2024.
Iran’s crude oil exports grew by roughly 50 percent in 2023 to a five-year high of about 1.29 million barrels per day (bpd), with the vast majority going to China, Nikkei Asia reported in January.
The report, citing the International Energy Agency (IEA), put Iran’s oil production at 2.99 million bpd last year, 440,000 barrels more than in 2022.
As reported, IEA predicts a further rise of 160,000 barrels of Iran’s oil exports in 2024.
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