3 July 2024 - 13:06
  • News ID: 643776
Oil Exports Revenues Rose Considerably, Owji

SHANA (Tehran) - Iranian Minister of Petroleum Javad Owji says that Iran’s foreign exchange revenue from exporting crude, gas condensate, oil products, and petrochemicals rose 3.5 times during the 13th administration in office since August 2021.

Speaking at the Energy Bourse on the occasion of launching an energy efficiency and environment market, he said that the worth of Iran’s oil exports rose from 10.8 billion dollars in 2019 to 36 billion dollars last year.  

Referring to the past 3 years of investments in the oil industry, he said that should those investments not have been made, we would have had the experience of Venezuela where oil production dropped from 4.8 million barrels to 300 thousand barrels daily.   

“While at the beginning of the 13th administration in August 2021, Iran’s oil production stood at 2.107 million barrels per day it has reached 3.570 million barrels this year.”, according to Owji.

He continued: The oil exports rose from 182 million barrels in 2019 to 565 million barrels in 2023 while the worth of crude, gas condensate, and other oil products and petrochemicals increased from 10.8 billion dollars to 36 billion dollars over the corresponding period.

“During the previous administration, when oil exports were in decline, then minister of petroleum Bijan Zanganeh in his semi-annual reports to the heads of the three branches of the government insisted that the Petroleum Ministry needs to acquire the license for buying 12 large oil tankers to store unsold crude and gas condensate on the sea,” Owji said.

Zanganeh told me there was no way but to store oil and gas condensate on floating devices because they were not sold, he said, adding that "in September 2021, I wrote a letter to the heads of the three branches of the government to receive the license for buying six large oil tankers which were necessary in the short time for continuation of gas production and raising storage capacity.”

“But when the 13th administration took office, we started a plan based on we decided to raise oil production and exports so that we never bought any oil taker and since September 2021, there has been a balance between gas condensate production on the one hand and its consumption and exports on the other hand.” He spoke.

Regarding investments in the oil industry, Owji said during the 13th administration in office, the Petroleum Ministry has pursued the implementation and completion of 300 semi-finished and new projects, worth 130 billion dollars, of which 155 projects, worth 34 billion dollars, have been completed, he said.

News ID 643776


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