Iran's Oil Minister Reports Five-Year High in Crude Oil Production Despite US Sanctions

Iran's Oil Minister, Javad Owji, announced in a Sunday interview that despite facing tough sanctions imposed by the United States on the Iranian energy sector, the country has achieved its highest crude oil production levels in the past five years. Owji highlighted that Iran's crude exports have reached their peak since 2018, even with obstacles hindering oil exports.

Iran (IMNA) - Owji stated that at the beginning of the current administration, oil production in Iran's Khuzestan province was at 1.7 million barrels per day, which has now increased to 2.7 million barrels per day. Additionally, natural gas production has seen a five percent growth, and Iranian refineries have enhanced their production capacity through projects led by local specialists after foreign companies exited due to US sanctions.

Former US President Donald Trump reinstated severe sanctions on Iran in 2018, aiming to reduce the country's oil exports to nearly zero. Despite Iran's compliance with the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), the sanctions persisted under Trump's successor. Iran has condemned these actions as "economic war" and "economic terrorism."

Regarding the potential impact of Trump's reelection on Iran's oil production, Owji dismissed any influence on the country's crude output. He emphasized that international organizations have acknowledged Iran's unhindered ability to sell its crude oil, refuting claims of discounted prices for Iranian oil and stating that its export prices align with global rates.

The International Monetary Fund (IMF) recently revised its economic growth projection for Iran in 2023, attributing the increase to higher-than-expected oil production. The IMF's latest quarterly report revealed a 5.4 percent growth in Iran's economy in 2023, surpassing previous estimates of three percent growth.

News ID 735036


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