Sanctions Cannot Hinder Iran’s Progress in Oil Industry: Minister

Iran’s oil minister said sanctions imposed against the country cannot impede the development of the country in the oil industry.

News ID: ۸۳۰۱۱۹

11 March 2024

EghtesadOnline: Speaking to reporters on the sidelines of the signing ceremony of contracts concluded on gas pressure boosting in the South Pars Gas Field, Javad Owji reemphasized that sanctions could not prevent Iran from developing its oil and gas industry.

The oil minister put the country’s economic growth with and without oil at more than 5 and 2.5 percent respectively.

The country’s economic growth in the oil sector stood at 20 percent, he added.

Elsewhere in his remarks, Owji noted that a reelection of former US president Donald Trump would have no impact on Iran’s oil exports, which have considerably increased in the administration of President Ebrahim Raisi.

The oil ministry is cooperating with a number of Russian companies in some oil fields, he said, adding that this cooperation has boosted Iran’s daily oil production by up to 200,000 barrels.

He further pointed out that 200,000 barrels of oil will be added to the volume of production in the South Azadegan oil field in the first half of the next Iranian calendar year (to start March 21, 2024). / Tasnim