Tehran (IP) - The Iranian oil sector experienced a remarkable surge in economic growth, with a rate of 368 percent year on year (YoY) during the spring of 2023.

Iran PressIran News: This significant increase is evident from the statistics, which indicate that the oil sector's economic growth rose to 16.4 percent in the first quarter of the current Iranian calendar year (starting March 21, 2023), compared to 3.5 percent in spring 2022.

Data released by the Central Bank of Iran (CBI) further reveals that the rise in oil production and exports accounts for more than 24 percent of the country's gross domestic product (GDP) growth during this year's spring. The CBI report states that GDP, including oil, grew by 6.2 percent, while it stood at 5.2 percent, excluding oil, during the three-month period.

Despite facing U.S. sanctions, Iran has consistently announced an increase in its oil output and exports over recent months. Monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) also confirm this upward trend in Iran's oil production and exports. In fact, OPEC's latest report reveals that Iran has regained its position as the third-largest crude oil producer within the organization.

Iran had experienced a decline in its oil production due to previous administrations' sanctions, resulting in a drop in its OPEC rank to fifth place. However, according to Oil Minister Javad Owji's recent announcement, Iran is no longer obligated to reduce its oil and gas condensate production and can now freely export its crude oil wherever it desires.

Owji further highlights that Iran's oil output has surged to 3.3 million barrels per day (bpd), marking a significant increase from approximately 2.3 million bpd recorded when the incumbent administration took office—an impressive growth rate of 43 percent.


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