Iran's oil revenues up 79%: MP
IRNA - Islamic Republic News Agency
Jul 29, 2023
Tehran, IRNA -- Hossein Hosseinzadeh, a senior Iranian Member of Parliament, referred to a 79 percent growth in Iran's oil revenues, noting that the country's increased oil revenues have made up for a major deficit in the fiscal budget.
Hosseinzadeh, a member of Majlis (Iranian Parliament) Energy Committee, attributed the surge in Iran's oil output and exports to the policy of reaching out to regional and Latin American countries pursued by the administration of President Ebrahim Raisi.
He said that Iran's oil output which used to stand at as low as 2.2 million barrels per day (bpd) has now reached 3.1 bpd.
When President Raisi took power in August 2021, Iran's oil exports hardly hit 500,000 bpd while today the figure even exceeds 3 million bpd, the lawmaker said, pointing out that the surge in exports is largely due to the government's cordial relations with OPEC and OPEC+ which have led into exempting Iran from their production caps.
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