Iran's oil exports touched highest level since US sanctions reinstated in 2018

According to the Iranian Oil Minister, the country's crude oil exports have reached their highest level since 2018, following the US's unilateral withdrawal from the 2015 Iran Nuclear Deal and the re-imposition of sanctions on Tehran to limit the sales and the resulting revenue to Iran.

Iran (IMNA) - As said by Javad Owji, Iran exported 83 million more oil barrels in the current year, which begins on March 21, 2022, than it did in the year before it, which lasted from March 2021 to March 2022.

He stated that the amount is 190 million barrels higher than two years ago, and that gas exports climbed by 15% in 2022-23 compared to the previous Iranian year.

Owji credits the rise to full utilization of all capacity, marketing, and changed contracts.

The Iranian oil minister stated earlier this month that despite mounting pressure from US sanctions on Iran's energy sector, crude oil exports from the country will rise even more in the coming months.

Iran's oil exports touched highest level since US sanctions reinstated in 2018

In an effort to sidestep the sanctions and increase oil exports to markets in East Asia, Iran's oil sales, according to Owji at the time, reached substantial levels in February.

Oil exports from Iran hit records in late 2022 that had not been repeated since the country was sanctioned by the US nearly five years ago, according to data from international tanker tracking agencies released in January.

According to the numbers, Iran sold more than 1.2 million barrels per day of oil to export markets late last year, and Iranian crude sales continued to grow in early 2023, with larger exports to China and Venezuela.

Notwithstanding US sanctions that restrict any sales of the country's oil shipments, Iran has been able to provide greater amounts of oil to private customers in China and other markets in recent months.

News ID 647254

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