Tuesday, May 17, 2022

Oil minister: Iran earned $43 billion in oil revenues last year

Iran’s Oil Minister Javad Oji says the Islamic republic earned $43 billion in oil revenues in the Persian year of 1400 which ended on March 20.

Oji noted that if Iran manages to cut fuel consumption by half in different sectors, it will be able to earn $150 billion annually.

He noted that the Iranian government pays $80 billion each year in fuel subsidies.

Oji underlined that last year, Tehran’s industries and power plants did not consume a single liter of fuel oil (mazut).

He was speaking on Tuesday and at a ceremony in which the Oil Ministry and Tehran’s Municipality signed a memorandum of understanding.

The oil minister voiced hope that following the signing of the MoU and the use of the capabilities of knowledge-based companies, energy consumption will be reduced and the saved energy will generate more revenues for Iran through exports and injection of the revenues into the country’s value chain.

Iran has made long strides in pressing ahead with its crude sales despite the US sanctions that have targeted its oil industry.

The administration of President Ebrahim Raisi says the Iranian oil sales are steadily increasing despite those bans and the revenues are returning to the country.

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