Iran oil exports hit five-year high

Iran’s oil minister said on 10 March that the nation’s crude oil exports had reached a five-year high since 2018 despite the US sanctions on Tehran’s energy sector.

Oil minister Javad Owji said, “At the beginning of this administration, oil production in [Iran's] Khuzestan province stood at 1.7 million barrels per day, which has now reached 2.7 million barrels per day.”

The minister also noted that natural gas production has grown by five percent. Iranian refineries have boosted production capacity through projects implemented by Iranian specialists after multiple foreign nations withdrew due to US sanctions.

“Sanctions have not hindered our development growth,” Owji said. "If we examine the past 40 years, in which year did the Ministry of Petroleum report that the economic growth of oil and gas was over 20% every quarter? … Our economic growth in the first, second, and third months of 1402 [solar hijri year from 21 March 2023–19 March 2024] was over 20%. Let's judge now: Has the embargo hindered our growth?”

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