Last year’s oil revenues exceeded budget targets by 10%: Oji

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TEHRAN — Iranian Oil Minister Javad Oji said the country’s oil revenue in the previous Iranian calendar year (which ended March 20) was 10% above the target set in the national budget bill for the year, Shana reported on Monday.

“The government did not have a budget deficit in terms of oil revenues in [the Iranian calendar year] 1400,” Oji said.

The official stressed that Iran would not reveal how the country handles its oil exports.

According to Oji, based on the national budget bill from the previous year, the government was supposed to realize 1.99 quadrillion rials (over $7.9 billion) in oil revenue by the end of the year. the year, while the Ministry of Petroleum managed to achieve 10% more than the figure mentioned.

Last March, Oji said Iran’s oil exports were on the rise despite the US sabotaging the country’s shipments.

“Iran’s oil exports have increased under the toughest sanctions and without waiting for the outcome of the Vienna talks,” Oji said on March 12.

The increase is due to “different methods used to win contracts and find different buyers,” the official added.

Tehran’s oil exports have been restricted since former US President Donald Trump quit the 2015 nuclear deal and reimposed sanctions in 2018. Iran considers US sanctions illegal and has said it will do its utmost possible to circumvent them.

Oil exports from the Islamic Republic reached more than one million barrels per day (bpd) in February for the first time in nearly three years, reflecting increased shipments to China.

Iran increased exports in 2021 despite sanctions, according to estimates by oil industry consultants and analysts, but shipments remained well below the 2.5 million bpd before sanctions were reintroduced.

Last January, Mohsen Khojasteh-Mehr, director of the National Iranian Oil Company (NIOC), said that the country’s oil revenues had increased significantly over the past few months and that the country had received payment for all its oil sales. gross since the new government administration.

“In the thirteenth government, part of the country’s lost oil markets have been revived and we have received payment for all the oil we have sold so far,” Khojasteh-Mehr said.

According to the official, the private sector also contributes greatly to the country’s current oil sales.

EF/MA

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