When Raisi took office in August 2021, Iran had a minor share of the global energy market due to US’ withdrawal from the landmark 2015 nuclear deal which had lifted international sanctions on Iran.
Tehran had then pinned all hopes to revive the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), through the talks with three European signatories as well as China and Russia to have the US rejoin the deal.
However, President Raisi who had promised during the election campaigns not to link the Iranian people’s livelihood to the fate of the JCPOA fulfilled the promise in less than a year into office.
As a result of the administration’s efforts, Iran’s production and export of oil, as confirmed by OPEC and international statistics, has since increased, as Raisi’s oil ministry has managed to increase oil production to over 3.8 million bpd in addition to increasing crude and condensation exports.
Raisi’s administration prioritized energy diplomacy and began gas swap from Turkmenistan to Azerbaijan Republic as the first measure in this area. This was of high importance in both energy and political spheres, as it proved Iran can contribute to the regional and global energy markets even without the JCPOA.
Iran’s Oil Minister Javan Owji has travelled to many neighboring and Latin American countries to extend Iran’s oil and condensate exports market to the western hemisphere. In order to make its oil exports sustainable, Iran has even signed agreements to invest in three refineries in Venezuela.
On a trip to Oman, Owji reached agreement with the Omani side on joint development of Hengam oil field which is an unprecedented joint effort in the Middle East.
Owji also paid a visit to Azerbaijan Republic last week, where he announced a partnership with Baku to develop shared fields. He signed the agreement to swap Turkmen gas to Azerbaijan through Iranian soil in this trip.
Iran has the second largest gas reserve in the world and has the potential to be a hub of energy in the region and an energy highway for oil and gas pipelines from Asia to Europe given its strategic position.
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