TEHRAN – New statistics released by the International Monetary Fund (IMF) show that Iran’s oil production in 2023 saw an increase of 500,000 barrels per day (bpd) compared to the previous year, reaching 3.1 million b/d.
According to new data, the oil sector of the Iranian economy recorded a remarkable growth of 15% in 2023. During the three years of President Ebrahim Raisi’s term, this sector experienced double-digit growth; therefore, the oil sector grew by 10.1%, 10%, and 15% in 2021, 2022, and 2023, respectively.
Iranian oil production is forecast to increase by another 100,000 b/d, reaching 3.2 million b/d in 2024.
Iranian gas production has also increased, from the equivalent of 4.8 million barrels of oil per day in 2022 to the equivalent of 5.1 million b/d in 2023. According to the IMF, this figure is expected increase by 300,000 b/d to reach the equivalent of 5.4 million b/d in 2023. 2024.
Iran exported 1.4 million barrels of oil per day in 2023, an increase of 500,000 barrels from its oil export data from the previous year, and is expected to that in the current year, an additional 100,000 barrels be added to Iran’s oil exports. , reaching 1.5 million b/d.
Iran exported gas in 2023 worth the equivalent of 300,000 barrels of oil per day and this figure is expected to remain the same in 2024.
Earlier this month, the Financial Times reported that Iran was exporting more oil than at any time in the past six years, giving its economy a boost of $35 billion a year.
Tehran sold an average of 1.56 million barrels per day in the first three months of the year, almost all of it to China, its highest level since the third quarter of 2018, according to data firm Vortexa.
Iran’s success in exporting its crude underscores the difficulties facing the US and EU as they seek to increase pressure on Tehran.
“The Iranians have mastered the art of sanctions evasion,” said Fernando Ferreira, head of geopolitical risks at Rapidan Energy Group in the United States.
Iranian Oil Minister Javad Oji said last month that oil exports generated more than $35 billion the previous year. On another occasion, he said that even if Iran’s enemies wanted to stop its exports, “today we can export oil wherever we want, and with minimal discounts.”
Earlier, the US Energy Information Administration (EIA) said Iran produced 3.25 million b/d of oil in March 2024, 20,000 b/d more than the month previous.
According to the EIA report, Iran’s oil production in February stood at 3.23 million b/d.
Iran produced an average of 3.2 million barrels of oil per day in the first quarter of this year, according to the report.
Iranian oil production in the first quarter of this year increased by 50,000 bpd compared to the fourth quarter of the previous year and by 630,000 barrels per day compared to the first quarter of 2023.
Iran produced 2.6 million b/d of oil in the first quarter of the previous year and 3.18 million b/d in the fourth quarter of the mentioned year.
With an increase of 630,000 barrels in oil production over the past year, Iran recorded the largest production increase among OPEC members, according to the EIA.
According to the EIA report, Iran maintained its position as the organization’s third-largest oil producer in March.
FE/
