TEHRAN -- Minister of
Petroleum Javad Owji says Iran’s oil production has reached pre-sanction levels, as the country teams up with new customers to export its oil in defiance of the most draconian sanctions imposed by the United States.
Finding new customers and markets, using different methods in oil contracts, and making use of highly-qualified experts in the field are among the reasons behind the surge in Iran’s crude oil and gas condensate production, Owji said late Thursday.
“The current oil production capacity has reached the pre-sanctions era, meaning the daily figure of over 3.8 million barrels,” he said.
He also sounded upbeat achieving higher figures for exports of crude oil, gas condensate, and other petroleum products in the new Iranian year, which began on March 20.
Earlier this week, Owji said Iran’s condensate exports had risen nearly four-fold over the past eight months.
The exports of condensate reached nearly 240,000 barrels per day (bpd) at the end of the calendar year to March 20, he said.
In remarks last month, the minister said the country had managed to increase its oil sales and receive all the revenues despite intensified pressure from Washington to halt the sales by trying to seize Iranian oil tankers.
“We took oil to the places the Americans cannot even think of,” he added.
Last year, the IRGC Navy released a video showing Iranian forces landing on the deck of a tanker that had seized an Iranian oil shipment in an “act of piracy”.

They then navigated the vessel toward Iranian waters.
The incident took place on October 25, in the midst of negotiations in Vienna to remove Washington’s anti-Iran sanctions and bring the U.S. into full compliance with the 2015 Iran deal.
Iran’s crude oil exports have surged 40% since August when the new administration came to office, the CEO of the National Iranian Oil Company (NIOC) said Wednesday, adding gas condensate sales have grown 250%.
“We have exported to some of the target countries more than during the implementation of the JCPOA,” Mohsen Khojastehmehr was quoted as saying Wednesday, referring to the Joint Comprehensive Plan of Action, a multilateral agreement on Iran’s nuclear program.
Khojastehmehr said the government’s policy is to reclaim Iran’s share of the market and return to export levels before the U.S. sanctions.
“Compared to the beginning of the new government, exports of gas condensate have increased two and a half times. In the field of crude oil, we have had an overall increase of more than 40% in exports,” he added.
Officials have rejected claims that the Biden administration had eased the pressure of sanctions on Iran amid the Vienna talks and rising prices, saying that on the contrary, the U.S. has grown more aggressive.
“Not only has the enemy not eased its sanctions, but it has also made them worse by going after Iranian ships and trying to capture our ships in order to prevent a jump in Iran’s oil exports,” Owji said earlier this month.
According to the minister, the administration of President Ebrahim Raisi has used everything at its disposal to export Iranian oil and increase the country’s oil sales.
On Tuesday, President Raeisi approved the public budget for the Persian year which started on March 20.
The budget aims for 8% economic growth and increased crude oil sales of 1.2 million barrels per day (bpd) at $60 despite continued U.S. sanctions.
Official have said the fiscal plan for this Iranian year was drawn up on the assumption that the U.S. sanctions would persist. It envisages at least $30 billion in oil export revenues for the government.
The annual state budget of 36,310 trillion rials (about 116 billion euros at the free market rate) is 26% more than last year’s budget.
It includes the general government budget accounting for 41% of the total and the budget for public enterprises comprising all public companies, banks, and institutions. Compared to last year, the general government budget and that of public enterprises is up 9.57% and 29% respectively.
The contractionary budget marked by a less than 10% increase in the general government spending is aimed at controlling high inflation which stood above 40% for much of the last Persian year.
Traditionally, governments in Iran have offset their budget deficit by taking over from the Central Bank, borrowing from the bank and printing banknotes, which has resulted in a bulge in the monetary base and liquidity and high inflation.
The new budget will be financed by a 9% rise in oil revenues and 62% increase in tax income compared to last year.