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Iran's oil sales rise sharply: Minister

A petrol attendant holds a wad of rial banknotes as he serves customers at a gas station operated by the National Iranian Oil Co. in Tehran, Iran, on 24 Aug. 2015. [Simon Dawson/Bloomberg via Getty Images]
A petrol attendant holds a wad of banknotes as he serves customers at a station in Tehran, Iran on 24 August 2015 [Simon Dawson/Bloomberg/ Getty Images]

The Iranian Minister of Petroleum hailed a dramatic rise in the country's sale of oil products in the past 10 months, predicting that 1.2 million barrels per day of oil would be sold in the next Iranian year, Tasnim News Agency reports.

According to the report, Minister Javad Owji said that the sales of crude oil, gas condensates and petrochemical products, as well as the gas exports have experienced a significant growth from March 2021 to January 2022.

"Foreign exchange incomes generated by the export of oil, gas condensates, petrochemical products and natural gas have experienced a dramatic increase during the first 10 months of the current Iranian year," he added.

The Minister also hoped for the production and sale of 1,200,000 barrels per day of oil in the next year, which will begin on 21 March.

China remains Tehran's only known customer for oil as Iranian oil exports are subject to US sanctions.

According to the Financial Times, Iran's gross domestic product grew by 6.2 per cent, year on year in the period from March to May, the first quarter of the country's 2021-22 fiscal year, thanks to oil.

READ: Rocket hits near oilfield, US base in eastern Syria

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