Fluctuations in Iranian oil prices over the past 5 years

According to Energy Press, the price of oil has always played a key role in Iran’s economy. Oil revenues are considered the pillar of the country’s budget, and any fluctuations in it accelerate or slow down the pulsations of the national economy. Oil not only fills the government’s coffers, but also sets the wheels of more than 70 related industries in motion, from petrochemicals to transportation, agriculture and automotive.
Therefore, monitoring and forecasting oil prices is a strategic necessity for Iran, because the future of the economy is sometimes reflected in the mirror of barrels of oil.
According to statistics published in the 60th issue of the Statistical Bulletin of the Organization of the Petroleum Exporting Countries (OPEC), the average price of Iranian heavy oil in 2024 was about $79.71 per barrel, a decrease of about 4 percent compared to the previous year (2023). Accordingly, the average price of a barrel of Iranian heavy oil in 2023 was $83.13.