Iran’s oil sector achieved significant growth in the first nine months of the current Iranian calendar year (March 21-December 21, 2023), registering a 292 percent rise year-on-year. As Shana reported, the sector’s growth soared to 22.4 percent from 5.7 percent in the mentioned nine months.
The oil and gas industry makes up a large proportion of Iran’s economy and plays an undeniable role in increasing the country’s economic growth. Following the U.S. withdrawal from the Iran nuclear deal on May 8, 2018, and the reimposition of sanctions on Iran, the oil and gas sector witnessed negative growth and Iran’s economic growth sank below zero in the previous administration.—Tehran Times
