Iran has shipped crude oil valued at $26.46 billion since the commencement of its calendar year in March, resulting in a 7% surge in overall trade, which reached $112 billion during the same period. This information is sourced from customs data provided by Tehran and reported by Reuters. Looking ahead to the next year, the Iranian government is formulating budget projections centered around an anticipated daily average crude oil export volume of 1.35 million barrels, with an average price set at $65 per barrel.
Meanwhile, gas exports demonstrated even more remarkable performance, as indicated by the data. Over the seven-month period spanning March to October, these exports surged by an impressive 139%, surpassing a total value of $2 billion, as reported by the Trade Promotion Organization of Iran, a government agency.
Earlier in the year, Oil Minister Javad Owji expressed the government's anticipation of a 300,000 barrels per day increase in oil production from the current rate, aiming for a daily output of 3.6 million barrels at the beginning of the upcoming calendar year.
In recent months, Iran has inked six contracts for the development of oil and gas fields, including agreements for joint field development in the western region of Karun, such as Azadegan and Yaran. According to the minister, the cumulative value of these contracts is $14.5 billion.
Owji also highlighted that Iran's oil production has experienced a notable 50% increase since the current administration assumed office two years ago. Some analysts attribute Iran's sustained high oil sales abroad, despite existing sanctions, to the U.S. adopting a relatively lenient stance on exports to maintain ample oil market supply.
