Report: Iran’s oil revenues rose by 11 times last year

Iran’s income from the export of oil and oil products rose by 11 times last year which ended in March and eight times in the five months of this year, government data showed. 

The inflation rate leading to the Persian month of Mordad which began on July 23 fell by 3.7% compared to the same period of the previous year, the data cited by Tasnim news agency on Wednesday showed.

The Gini coefficient as a measure of income distribution slightly improved last year, reaching 0.39 percent, and is expected to improve this year as well.

Also, the general revenues of the government in the first five months of the current year of 1401 have grown by 66.5% compared to the same period of the previous year.

The country's non-oil economic growth increased from 3.1% in the spring of 1400 to 4.3% in the spring of 1401, the report said.

With the inauguration of the new Iranian government in August 2021, efforts to ramp up Iran’s oil exports and develop the petroleum industry after a period of hibernation gathered momentum.

According to oil-tanker tracking companies, Iran's oil exports increased for a third consecutive month in August.

Last week, Minister of Petroleum Javad Owji said Iran’s crude oil and petrochemical exports continue without disruption after the Biden administration announced a new round of sanctions against the Islamic Republic.

"With the new procedures presented by my colleagues in the international affairs of the National Iranian Oil Company, we have been able to find good and attractive markets for Iran’s crude oil, gas condensate, oil products and petrochemical products,” he said.

Owji said his ministry had found new markets and export processes through which, “we have been able to transform the export of crude oil and gas condensate compared to the last few years".

How Iran boosted oil exports despite US sanctions

Protracted sanctions have prompted Iran to seriously work on buying refineries abroad with the aim of marketing its crude oil.

His remarks came after the US Treasury on Thursday announced new measures, targeting several firms based in China, the United Arab Emirates, Hong Kong and India that the United States accuses of involvement in the sale of Iranian petroleum and petrochemical products.

Owji said "the sanctions of Western countries have not had any effect on our country's oil exports".

While part of Iran’s oil has been available to the market, its petrochemical exports have been crucial to the country’s sanction-busting effort.

Iranian officials say the wide variety of petrochemical products and huge international demand for them because of their quality and price make the industry unsanctionable.

Last month, Owji indicated that Tehran would boost energy relations with friendly nations, such as China and Russia. Iran, he said, was working to attract investment from overseas without waiting for the deal to be restored.

In July, the Islamic Republic signed a memorandum of understanding with Russia's state energy giant Gazprom for cooperation in the oil and gas industry.

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