Iran managed to make over $25 billion in revenues from its oil exports last year, a significant leap in comparison to the $7.9 billion worth of income in oil exports in 2020, according to Hellenic Shipping News referencing a report from OPEC.

OPEC’s Annual Statistical Bulletin 2022 has also reported that Iran’s daily refining capacity in 2021 was 2.20 million barrels, which is an increase of 1,000 barrels per day (bbl/d) compared to the previous year.

This comes as Iranian Minister of Petroleum Javad Owji emphasized the importance of Iranian oil in global energy security. “As I have frequently said in recent months, global oil market is in a condition that return of Iran oil can help to meet a part of customers’ needs and make the world markets balanced and calm. Particularly, we will witness an increase in global oil and oil products demand as summer travels are to start in Europe and the United States, therefore; consumer countries are likely to face additional price pressures, especially from oil products market.”