BAKU, Azerbaijan, July 2. The exports of Iran's crude oil increased to 565 million barrels in the last Iranian year (from March 21, 2023 through March 19, 2024), Iranian Oil Minister Javad Owji said, Trend reports.
He made the announcement at an event organized in Tehran on the occasion of the start of the purchase and sale of gas saving certificates.
According to him, Iran's crude oil exports stood at 182 million barrels four years ago (from March 21, 2019 through March 19, 2020).
Owji stated that the value of Iran's crude oil, gas condensate, and other oil, gas, and petrochemical products amounted to $36 billion last year. However, four years ago, the value of exports of the mentioned products was $10.8 billion. This means an increase of 3.5 times.
"Without investment in Iran's oil sector over the past 3 years, Iran would have turned into Venezuela, with crude oil production falling from 4.8 million barrels to 300,000 barrels daily. Iran's crude oil production was 2.1 million barrels per day when the current Iranian government came to power (August 2021), and now crude oil production is 3.57 million barrels per day," he noted.
The Iranian minister emphasized that gas-saving certificates worth 38 trillion rials (about $96.8 million) were presented to gas-saving subscribers for the first time today.
To note, the purchase and sale of gas-saving certificates started today at Iran's Energy Exchange. A gas-saving certificate entitles the holder to a certain portion of the saved gas at a certain time.
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