News in Brief
Oil sales fetch $15.7b in four months: IRICA
Iran has exported $15.7 billion worth of crude oil by the end of July, as stated by the head of the Islamic Republic of Iran Customs Administration (IRICA).
Mohammad Rezvanifar said that considering the oil exports of $15.7 billion, the total foreign trade of the country amounts to $51 billion, Tasnim news agency reported.
Figures by a major energy data agency last month indicated that Iran witnessed the second major growth in its oil production in 2023 despite continued pressure as a result of US sanctions on the country’s oil exports.
Figures by the Energy Institute (EI), cited in a June-29 report by ILNA, showed that Iran’s oil and condensates production had reached an average of 3.94 million barrels per day (bpd) last year, up 19% from figures reported in 2022.
The growth was more than 13 times higher than a global average oil production increase of 1.4% as the world’s average output reached 82.636 million bpd last year, the data showed.
Only Guyana’s output growth of 40.8% was higher than Iran’s although the small South American nation’s production hovered at around a tiny figure of 0.391 million bpd.
Petchem output tops 20m tons in Q1 calendar year
Iran has produced nearly 20 million and 410 thousand tons of various petrochemical products, of which three million tons was sold domestically in the first quarter of the Iranian year (March 21 - June 22, 2024), according to the country’s Association of Petrochemical Industry Corporations (APIC).
APIC’s Secretary-General Ahmad Mahdavi Abhari said that seven million and 740 thousand tons was exported, while nine million tons was allocated to feeding petrochemical complexes, Mehr News Agency reported.
According to APIC’s secretary-general, the country exported over seven million tons of petrochemicals valued at $3.390 billion between March 21 and June 22, 2024.
Mahdavi Abhari said that if the current trend in exports continues, the value of our exports will increase compared to last year.