{"id":10021,"date":"2024-03-05T07:12:18","date_gmt":"2024-03-05T07:12:18","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10021"},"modified":"2024-03-05T07:12:18","modified_gmt":"2024-03-05T07:12:18","slug":"irans-oil-sector-nine-month-growth-surges-292","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10021\/","title":{"rendered":"Iran\u2019s oil sector nine-month growth surges 292%"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Iran\u2019s oil sector achieved strong growth in the first nine months of the current Iranian calendar year (starting March 21, 2023), registering a 292 percent rise year-on-year.<\/p>\n

\n
\n

The sector\u2019s growth soared to 22.4 percent from 5.7 percent, making Iran\u2019s economic cake bigger.<\/p>\n

The oil and gas industry makes up a large proportion of Iran\u2019s economy and plays an undeniable role in increasing the country\u2019s economic growth.<\/p>\n

Following the U.S. withdrawal from the Iran nuclear deal on May 8, 2018 and the reimposition of sanctions on Iran, the oil and gas sector witnessed negative growth and Iran\u2019s economic growth sank below zero in the previous administration.<\/p>\n

The 13th administration, which took office in August 2021, has put great emphasis on neutralizing the sanctions by relying on domestic capabilities, and the Oil Ministry has adopted different strategies to achieve the goal.<\/p>\n

Iran\u2019s oil exports jumped 40 percent during the first year of the incumbent government\u2019s term while the sanctions remained unchanged.<\/p>\n

In 2022, the increase in oil production and exports made Iran\u2019s economic growth positive and inflation was considerably controlled.<\/p>\n

One of the significant impacts of the oil and gas sector\u2019s growth was the elimination of budget deficit the 13th administration inherited from the previous government. The deficit was fixed without creating liquidity by selling Iran\u2019s crude oil to traditional customers and finding new markets.<\/p>\n

IMF report<\/strong><\/p>\n

The International Monetary Fund (IMF) increased its estimate of Iran\u2019s economic growth in 2024, citing a higher-than-expected surge in the country\u2019s oil production.<\/p>\n

The IMF, in its latest report published on February 22, forecast a 3.7 percent economic growth for Iran in 2024 while the figure in its October prediction was 2.5 percent.<\/p>\n

According to the financial agency, Iran\u2019s oil production in 2024 has exceeded 2.7 million barrels per day (bpd), 700,000 barrels higher than the volume produced in 2020.<\/p>\n

The IMF data also showed that Iran\u2019s economic growth reached 5.4% in 2023 while the international agency had predicted a three percent growth for the country in the previous year.<\/p>\n<\/div>\n<\/div>\n

Updated on