According to OPEC, Iran's oil income climbed by 67% to $42.6 billion in 2022

Despite ongoing pressure from American sanctions on the country, figures from the Organization of Petroleum Exporting Countries (OPEC) reveal that Iranian oil export income increased by 67% last year.

Iranian news outlets reported on Saturday that, according to OPEC figures, Iran made $42.6 billion from oil exports in 2018, an increase over the $25.5 billion reported in 2021.

According to the estimates, Iran exported crude oil worth $7.9 billion and $19.4 billion in 2020 and 2019, respectively.

Iran's oil export income have increased, but the nation continues to be barred from normal oil commerce because to US sanctions, which impose severe fines on foreign buyers.

When Washington began to apply sanctions on Iran's oil trade after pulling out of a global agreement on the country's nuclear program in 2018, Iran's oil export income had risen to as high as $60.5 billion.

Former and current US administrations have declared their intention to completely stop buying Iranian oil in order to cut off the country's funding stream.

In the second half of 2021, Iranian oil sales began to increase thanks to improved marketing tactics, including the provision of discounts to individual Chinese consumers

According to government declarations and information from global tanker monitoring service providers, Iran has also been able to send significant amounts of crude oil to Venezuela and Syria.

According to OPEC figures, members' combined oil sales income increased by 54.2% to $873.5 billion in 2022.

Iran is excluded from OPEC's strategy of continuing production cutbacks to raise prices on the international oil markets, along with Venezuela and Libya.

News ID 675152


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