MOSCOW (MRC) -- Iranian gas export revenues surged by more than 250% in the year to March, while earnings from petrochemical exports doubled, said Rueters.
Oil Minister Javad Owji said, overall energy export earnings, including crude, rose by 2.5 times but he only gave a breakdown for gas and petrochemicals. Iran does not release figures related to oil exports.
The increase in revenue was partly due to more exports and because Iran managed to collect more of the proceeds from exports in spite of U.S. sanctions, the minister said.
"Through various methods, our government has collected all the revenues from its exports of oil, gas, gas condensate and oil products," Owji said.
Gas export revenues rose to USD4.6 B from USD1.27 B last year, and revenues from petrochemical products exports doubled to USD12 B, the minister said.
As per MRC, Asian refiners, traditionally big buyers of Iranian oil, are keen to resume imports from Iran if there is an agreement to revive a 2015 nuclear deal, which could pave the way for more supply on global markets and soften prices. Most Asian buyers halted Iranian oil imports in 2019 after former U.S. President Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on Tehran's oil exports. Indirect talks between Iran and the U.S. on the nuclear deal resumed last week. Western diplomats have indicated they hoped to have a breakthrough by now, but tough issues remain unresolved.
We remind, U.S. President Joe Biden was expected to announce a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine. The White House said Biden was scheduled to announce actions at 10:45 a.m. (1545 GMT) on Tuesday against Russia over Ukraine, but did not specifically mention oil imports. Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to USD129.91 a bbl by 1345 GMT.