Iran says has defused Western sanctions on gas condensates exports

Iran’s oil minister says the country has rendered the US-led Western sanctions on gas condensates exports completely ineffective.

Making the remarks in the last cabinet meeting of the outgoing Iranian administration on Wednesday, Javad Owji said, “I can dare say that sanctions on gas condensates export have been neutralized.”

Highlighting the achievements by the late president Ebrahim Raisi’s administration since taking office in 2021, Owji said the oil sector managed to reduce selling crude oil by turning gas condensates into added value.

Another outstanding accomplishment by the current administration was to increase oil production by 60 percent, from 2.2 million bpd to 3.6 million despite the draconian sanctions, according to the official.

The country’s gas production also increased by 53 million cubic meters, marking a 5-percent growth this year, as Owji explained.

The minister also said the refinery capacity in the country has increased from 2.1 to 2.3 million bpd and the petrochemical exports hiked from 24 to 30 million metric tons during the current administration’s time in office.

He explained that Iran earns 2.8 billion dollars from every 100 barrels of crude.

The oil minister further noted that the Islamic Republic has increased its oil revenues to 28.4 billion dollars annually from seven to nine billion dollars in 2020.

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