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Iran oil and gas sector to grow 19.5% in year to March: Sturdy

A study shows growth in Iranian oil and gas sector in will be 19.5% in the year to March. (Photo by Shana)

A study by Iran’s parliament’s research center shows that Iranian oil and gas sector will grow by 19.5% in the calendar year to late March.

Excerpts of the study published in a Wednesday report by Fars news agency showed that Iran’s oil and gas sector had grown by 27.5% in the quarter to late June last year, according to figures by the Statistical Center of Iran (SCI).

The study said that data by the Central Bank of Iran (CBI) had indicated a growth of 23.3% for the oil and gas sector in Iran in the June quarter.

That comes as CBI and SCI figures had estimated that growth in the Iranian oil sector was between 5.6% and 8.7% in the calendar year to March 2021.

The study by the Iranian parliament said that major growth reported in the Iranian oil and gas sector activities in the June quarter was due to the global recovery from the coroanvirus and efforts made inside Iran to get round US sanctions and to deliver oil shipments to major customers in Asia and elsewhere.

It said that Iranian crude oil output had reached nearly 2.47 million barrels per day (bpd) in the six months to late September.

The study cited output data by the Organization of Petroleum Exporting Countries (OPEC) and concluded that Iran had exported 770,000 bpd of crude oil in the June quarter before increasing shipments to 820,000 in the September quarter.

The figures comes as a major blow to efforts by the United States to cut Iranian oil exports to zero in line with a unilateral regime of sanctions imposed by Washington on Iran since 2018.

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