OPEC Secretary General Haitham Al Ghais is scheduled to hold separate meetings with Iranian President Ebrahim Raisi and Oil Minister Javad owji in Tehran on Saturday to discuss the issues surrounding the global oil market.
Three member states of the European Union imported a total of 4,181 tons of crude oil or oil products from Iran in 2022, according to the statistical office of the European Union (Eurostat).
Iranian Oil Minister has said the country’s exports of crude oil have registered their highest level since 2018, after the US unilaterally withdrew from the 2015 Iran nuclear deal, and re-imposed sanctions against Tehran to curb the exports and the associated revenue to Iran.
Iranian Oil Minister Javad Owji says crude oil exports from the country will further increase in the upcoming months despite the growing pressure of the US sanctions on the Iranian energy sector.
Iran has raised the official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers, a report says.
Iranian heavy oil price increased by $2.45 in January to register a 3.1-percent increase compared to December 2022, according to OPEC’s latest monthly report.
The National Iranian Oil Company is projected to sell 1.4 million barrels per day of crude oil at $85 as per the budget law of next Iranian year (March 2023-24), partly by using a barter system.
Latest figures by the Organization of the Petroleum Exporting Countries (OPEC) show that Iran’s crude oil prices rose by an average of over $30 per barrel year on year in 2022 while its output also increased by 7% over the same period.
The government is projecting the sales of crude oil and its derivatives to earn 6,030 trillion rials ($14.75 billion) in the budget bill for the upcoming Iranian year (March 2023-24).
Iran’s oil revenues are estimated to reach over $27 billion in 2023, according to a parliament report which expects a tight global supply of oil and continued sanctions on Iran will limit the country’s ability to pump more crude compared to last year.