Iran’s oil exports exceed budget target of 1.4 million bpd

Iran’s crude oil exports has already hit a target set in the country’s annual budget law despite US sanctions as authorities expect even higher sales could boost government finances and help finish major infrastructure projects.

Head of Iran’s Plan and Budget Organization (PBO) Davud Manzour said on Sunday that average oil exports from the country had exceeded the target of 1.4 million barrels per day (bpd) designated in the budget law of calendar year to late March 2024.

Manzour made the announcement while attending a session of the Iranian parliament where he sought an amendment to the budget law that would authorize the government to spend proceeds obtained from oil sales above 1.4 million bpd to finance pension payments and infrastructure projects.

However, the Iranian parliament rejected the amendment bill submitted by the government as  146 out of 235 legislators attending the chamber opposed the bill while 63 voted in favor, nine abstained and 17 votes were dismissed.

The announcement by PBO chief comes amid growing number of reports showing that Iran is ramping up its oil exports despite a continued regime of US sanctions that ban oil customers with interests in the US markets to engage in trade with Iran.

Iran’s oil exports had reached as low as 0.3 million bpd in 2019 when Washington toughened its sanctions on the country.

Iran’s Oil Minister Javad Owji said on Sunday that total oil production in the country had reached 3.19 million bpd, adding that the output will reach 3.3 million bpd in late August.

Authorities in the state-run oil company NIOC also said earlier this week that Iran’s oil production would reach a post-sanction era record of 3.5 million bpd in late September.

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