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  • Oil & Gas - News
  • Updated: December 27, 2023

Iran Q1 trade Up 7 per cent to $112B, $26.46B in crude

Iran Q1 trade Up 7 per cent to $112B, $26.46B in crude

Iran's total commerce increased by 7% in the first quarter of this year to an astounding $112 billion, which is a significant economic improvement. 

The significant increase is demonstrated by the nation's $26.46 billion in crude oil exports since the year's beginning in March.

According to Tehran customs data, there has been a notable increase; Reuters reported this.

Iran's budgetary projections for the upcoming year are predicated on an average daily crude oil export rate of 1.35 million barrels, for $65.00 a barrel.

The report indicates that gas exports fared better than expected. According to a government organisation called the Trade Promotion Organisation of Iran, these increased by a remarkable 139% in the seven months from March to October, surpassing $2 billion in value.

The government expects oil production to increase by 300,000 barrels per day at the present pace of production, reaching 3.6 million barrels per day by the beginning of the next calendar year, according to statements made earlier this year by Oil Minister Javad Owji.

In the last several months, Iran has inked six contracts for the development of oil and gas fields, including agreements to develop cooperative fields like Azadegan and Yaran to the west of Karun. The ministry claims that the contracts have a combined value of $14.5 billion.

Owji claimed earlier this month that since the present administration took office two years ago, Iran's oil production has increased by 50%.

According to some observers, Iran's increased oil shipments overseas despite the sanctions are because the US is trying to maintain a supply of oil on the international markets and is not trying to impose too many restrictions on exports.

However, the United States hinted last month that it may tighten sanctions on Iran's oil industry, which could put pressure on Iranian exports.

The United States accused Iran this past weekend of carrying out a drone strike that struck a ship off the coast of India in the Indian Ocean.

It initially claimed Iran was assisting the Yemeni Houthis, who attack ships travelling through the Red Sea, but this is the first time the country has been accused of direct involvement in ship strikes.

 

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