The statistics showed the 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.

The data released by the Central Bank of Iran (CBI) 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.

Based on the CBI report, 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.

In its latest report, OPEC announced that Iran has regained its position as its third-largest crude oil producer.

Iran’s oil production dropped due to sanctions in the previous administrations, lowering its OPEC rank to the fifth place.

But now, as recently announced by Oil Minister Javad Owji, Iran is not obliged to reduce its oil and gas condensate production and “exports its crude oil wherever it wants”.   

According to him, Iran’s oil output has now soared to 3.3 million barrels per day (bpd) from some 2.3m bpd recorded when the 13th (incumbent) administration took office, showing a 43 percent increase.