Crude, Derivatives Export Revenues Hit $43b in 2021

The National Iranian Oil Company generated $43 billion by selling oil and derivatives in international markets in 2021.
Oil Minister Javad Owji made the statement on the sidelines of a ceremony to sign a memorandum of understanding between the Oil Ministry and Tehran Municipality to enhance energy efficiency of buildings in the sprawling capital city, IRNA reported.
“NIOC earned $43 billion through exporting crude and petroleum byproducts, including diesel, gasoline and gas condensates, between March 2021 and 2022. The company’s earnings cannot grow unless refining capacity rises and energy demand declines,” he added.
Crude oil processing capacity has not increased over the past few years, because of which gasoline and diesel production volume has not increased either while demand has continued to rise.