BAKU, Azerbaijan, December 20. Iran's earnings from crude oil, gas, and gas condensate exports amounted to approximately 1.95 quadrillion rials (approximately $46.4 billion) in the first seven months of the current Iranian year (March 21 through October 22, 2023), Trend reports.
In the state budget of Iran for the current Iranian year (March 21, 2023 through March 19, 2024), the export of crude oil, gas, and gas condensate is estimated to be 6.03 quadrillion rials (about $144 billion), as was reflected in the data from the Research Center of the Iranian Parliament.
It is predicted that the export will reach 4.37 quadrillion rials (about $104 billion) by the end of this year.
Meanwhile, in the draft budget for the next Iranian year (March 20, 2024 through March 20, 2025), the export of crude oil, gas, and gas condensate is expected to be 5.82 quadrillion rials (about $139 billion).
However, it is forecast that the figure will amount to only 4.7 quadrillion rials (about $112 billion) next year.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
According to the latest OPEC report, Iran's crude oil production in November 2023 was 3,128,000 barrels per day, representing an increase of 7,000 barrels compared to October.
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