Iran says oil, gas, petchem export revenues up 60pc

Iran's foreign exchange earnings from oil, gas and petrochemical exports were 60pc higher in the first two months of the Iranian year than they were in the corresponding period last year, according to the foreign ministry.

"With the efforts of the oil ministry, and contradictory to the rumors and statements in the public sphere, revenues from the export of oil, gas condensate, natural gas, petroleum products and petrochemicals in the first two months of this year increased dramatically," director general of public relations at the oil ministry Ali Forouzandeh said Sunday.

The first two months of the Iranian calendar year, Farvardin and Ordibehesht, correspond to the period from 21 March to 21 May.

Forouzandeh did not disclose an overall revenue figure but said Iran's income from petrochemical exports was $2.45bn in the first two months of the Iranian year, up by 63pc from $1.5bn a year earlier. This is the amount deposited in the Nima foreign exchange platform, the Iranian central bank's currency trading system for importers and exporters.

The rise in export revenues coincides with higher global energy prices, notably since the start of Russia's invasion of Ukraine in late February, with front-month Ice Brent crude futures closing just below $119/bl on 27 May, almost double year earlier levels and up by 28pc since the start of the year. In addition, Iran's government, which took office in August last year, says it has boosted oil exports significantly relative to the previous administration and has managed to repatriate most of the revenue from those sales despite US sanctions.

Iran has made a point not to disclose its oil export volumes or customers since Washington reimposed sanctions in 2018. Argus tracking puts Iranian crude exports at around 760,000 b/d in January-April this year — a marked increase on the 250,000-300,000 b/d that the country was exporting in the months after sanctions were reinstated. Condensate exports have been holding at around 100,000 b/d recently.

Iran is targeting total crude and condensate exports of 1.4mn b/d in its budget for the current Iranian year.

By Nader Itayim