Despite US sanctions, Iran's oil exports reached five-year high

Since the nation was subject to US sanctions more than five years ago, Iran's crude exports and oil output in 2023 have risen to all-time highs, according to data from Reuters and Bloomberg.

Iran (IMNA) - The Reuters news agency reported on Friday that Iranian petroleum shipments will increase in 2023, with increased supplies to China, Syria, and Venezuela. The report cited consultants, shipping information, and a source with knowledge of the situation.

China is the world's largest energy importer, and a sizable portion of Iran's crude oil is sent to that country. Germany, Spain, and Bulgaria are just a few of the European nations who bought oil from Iran.

In an effort to avoid the unlawful sanctions imposed by Washington, Iran has not publicly disclosed information regarding its oil shipments during the past few years.

In May 2018, the former president Donald Trump's administration withdrew from the nuclear agreement, technically known as the Joint Comprehensive Plan of Action (JCPOA), and reinstituted the unilateral sanctions that it had eased.

Since May 2018, Tehran's oil exports have been restricted. However, during the presidency of current US Vice President Joe Biden, exports have consistently increased.

According to Reuters, which cited Kpler, a significant global tanker-tracking service, the amount of petroleum exported in May topped 1.5 million barrels per day (bpd), which was the highest monthly rate since 2018.

Before the US withdrew from the 2015 nuclear accord, the exports were around 2.5 million bpd in 2018.

Iran said in May that it has increased its oil production to over 3 million barrels per day. According to data from the Organization of the Petroleum Exporting Countries (OPEC), that would represent roughly 3% of the world supply and be the highest level since 2018.

Earlier this month, a person with knowledge of the situation told Reuters that output was still at this level.

Iran's output for May was estimated by the International Energy Agency this week at 2.87 million bpd, which is not far from Iran's official rate.

According to analysts cited in the Reuters story, Iran's production and exports have increased.

According to a consultancy named SVB International, crude output increased to 3.04 million barrels per day (bpd) in May from 2.66 million in January. According to the data, oil and condensate exports were 1.93 million bpd in May.

"Sanctions are in place, but perhaps they are not fully implemented or monitored," said Sara Vakhshouri of the SVB.

According to a Friday Bloomberg article, despite US sanctions, Iran is sending the most petroleum in over five years.

Iran's oil exports have increased to their highest level since the US unilaterally reimposed sanctions on the nation in 2018, according to Bloomberg, which quoted energy analysts.

The data revealed that the daily crude shipments have increased by double since last autumn, reaching 1.6 million barrels in May.

The data is the most recent evidence that US sanctions against Iran have not achieved their claimed goal of completely reducing the nation's oil income to zero.

News ID 667644


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