Iran’s Deputy Minister of Economy and Finance, Mohammad Rezvanifar, announced that Iran’s crude oil exports reached a value of $23.2 billion in the first half of the current Iranian year, spanning from March 20 to September 21, 2024.

According to Trend News Agency, Rezvanifar did not disclose specific details regarding the volume of oil exported or the destination countries. He highlighted that Iran’s total trade turnover amounted to $82.2 billion during this period, with a significant trade surplus of $17 billion when including crude oil revenues. The robust figures come despite ongoing sanctions from the US and Western countries, which severely restrict Iran’s ability to trade freely on the global market.

The Deputy Minister emphasized the strategic importance of non-oil exports due to the restrictions on oil trade. The value of Iran’s crude exports in the previous Iranian year totaled approximately $35.9 billion, illustrating a complex economic landscape shaped by geopolitical tensions.

Iran manages an extensive portfolio of hydrocarbon resources, with 74 oil fields and 22 gas fields currently under operation. The National Iranian South Oil Company oversees the largest number, with 37 fields, followed by the National Iranian Central Oil Company with 14 fields. Additionally, the country holds an estimated 1.2 trillion barrels of hydrocarbon reserves, with 340 billion barrels considered recoverable with today’s technology.