Iran’s oil minister says the country’s production of crude oil has reached a five-year high since 2018 despite sanctions imposed by the United States on the Iranian energy sector.
Javad Oji made the remarks in a Sunday interview, saying despite all measures taken to impede Iran’s oil exports in 2023, the country has reached its highest crude production in the past five years.
“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,” Oji said.
He added that natural gas production has also grown by five percent, and production capacity of many Iranian refineries has been boosted through projects implemented by Iranian specialists after foreign companies left the country due to US sanctions.
The United States under former president Donald Trump reinstated crippling sanctions on Iran after unilaterally walking out of the 2015 nuclear deal in May 2018, despite Iran’s full compliance with the terms of the agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA).
One of the stated goals of Trump’s sanctions, which were maintained by his successor, was to reduce Iran’s oil production to almost zero. Iran has repeatedly denounced the sanctions as an act of “economic war” and “economic terrorism.”
Responding to a question about the possible impact of Trump’s reelection as the US president on Iran’s oil production, the minister said the return of Trump to power will have no effect on the country’s crude output.
“International organizations have admitted that Iran is currently facing no obstacles for selling its crude oil,” Oji said, adding, “I also reject reports about Iran selling its oil at a discounted price and the price of Iran’s exported oil is close to global rates.”
Last month, the International Monetary Fund (IMF) revised up its previous economic growth projection for Iran in 2023, attributing it to a higher-than-expected increase in the country’s oil production.
Releasing its latest quarterly report, the IMF said Iran’s economy grew 5.4 percent in 2023 showing a remarkable boost compared to the preceding year. The international agency had previously predicted a three-percent growth for the country’s economy in that year.
