Iran’s Oil Sales Rise Sharply: Minister

Iran’s Oil Sales Rise Sharply: Minister

TEHRAN (Tasnim) – The Iranian minister of petroleum hailed a dramatic rise in the country’s sale of oil products in the past 10 months, predicting that 1.2 million barrels per day of oil would be sold in the next Iranian year.

The Iranian government’s website quoted Javad Owji as saying that the sales of crude oil, gas condensates and petrochemical products as well as the gas exports have experienced a significant growth during from March 2021 to January 2022.

Foreign exchange incomes generated by the export of oil, gas condensates, petrochemical products and natural gas have experienced a dramatic increase during the first 10 months of the current Iranian year, he noted.

The minister also hoped for the production and sale of 1,200,000 barrels per day of oil in the next year, which will begin on March 21.

A report given to the Iranian Administration’s Economic Coordination Headquarters in December 2021 indicated that the country’s incomes from the export of oil and non-oil products have risen in recent months, while the monthly inflation rate has declined.

Earlier in November, the CBI chief Ali Salehabadi said the process of repatriation of foreign currency earned from the export of Iranian commodities has improved, resulting in relative stability in the currency market.

The top banker said the currency generated from the exports of oil, natural gas and gas condensates was also being supplied to the domestic market.

Most Visited in Economy
Top Economy stories
Top Stories