Iran’s oil value added growth turns positive with JCPOA
Tehran, Iran, September 11
By Mehdi Sepahvand – Trend:
Recent statistics show that Iran’s oil value added growth turned positive last Iranian fiscal year (which ended March 19).
The report was released by the Parliament’s Research Center, Shana news agency reported September 11.
Iran’s economy heavily relies on oil outcomes. The country’s oil export suffered greatly from sanctions that were put in place in 2011 for its nuclear program.
After a preliminary agreement between Tehran and world powers on Iran’s nuclear program in 2013, the country’s oil value added growth hit 4.8 percent for the fiscal year March 2013-14. The growth rate had plunged suddenly to -37.4 percent in the Iranian year falling in March 2011-12.
Crude oil, gas condensates, and feed to oil refineries composed the goods under study by the Parliament.
For the Iranian fiscal year 1394 (March 2015-16), Iran’s oil export grew by 4.1 percent year on year, mostly since January when the nuclear agreement (called the JCPOA) was put into action, the report says.
Under the sanctions, Iran’s oil export plunged from 2.3 mbpd to 1 mbpd. Since January, however, Iran has caught up on the old trend.