Oil & Gas

Despite ongoing Western sanctions, Iran's oil exports continue to reach around 15 countries worldwide, and the country is attracting significant investment in its oil sector. Oil Minister Javad Oji announced on June 23, 2024, that Iran currently exports crude oil to 15 countries. This announcement was made during a press conference monitored by the Washington-based Specialized Energy Platform.

Oji also mentioned that Iran is set to operate five new petrochemical complexes in the coming days, which will increase the country's total production capacity from 90 million tons per year to 100 million tons. The total volume of associated gases collected is expected to rise from 11.5 million cubic meters per day to 16 million cubic meters per day, with an additional 4.5 million cubic meters of associated gases being added daily. Investments amounting to approximately $5 billion from the private sector have been secured to accelerate the collection of associated gases in the western and eastern Karun region.

The minister highlighted that despite harsh sanctions, Iran has managed to increase its natural gas production by 5.2% annually in recent years, which is more than double the global average of 2.5% in 2018. He also stated that the current government has raised gasoline production from 96 million liters per day to 114 million liters per day, while diesel production has increased by 9 million liters per day to 114 million liters per day. Oji addressed claims about reducing Iranian oil sales, noting that the past three years have seen a smaller reduction compared to the previous two governments from 2013 to 2021.

Javad Oji emphasized that the current administration has implemented new initiatives, such as utilizing transnational oil refining capabilities, to boost crude oil sales. He refuted claims about selling oil at high discounts, stating that Iran's revenues from oil, gas, and petrochemicals rose from $30 billion in 2020 to $65 billion in the last Iranian year ending March 20, 2024. He pointed out that while the Biden administration has imposed 600 new severe sanctions, 400 of which targeted Iran's oil industry, Iran has established new pathways for oil sales to ensure future exports continue without obstruction.