Iranian Oil Exports Surge to Highest Level in Six Years, Boosting Economy by $35bn Annually

Iran's oil exports have reached their highest level in six years, generating a significant boost to the country's economy, according to a Western media report.

Iran (IMNA) - The Islamic Republic sold an average of 1.56 million barrels per day during the first quarter of 2024, with almost all of it going to China, according to data from Vortexa. This is the highest level of Iranian oil exports since the third quarter of 2018.

The report highlights the difficulties faced by the US and the EU in building pressure on Tehran, as the country has found ways to circumvent sanctions and continue exporting its crude. "The Iranians have mastered the art of sanctions circumvention," said Fernando Ferreira, head of geopolitical risk service at the Rapidan Energy Group in the US.

Iran's oil minister, Javad Owji, recently announced that oil exports had generated more than $35 billion in the preceding year. He also stated that while Iran's enemies sought to stop its exports, "today, we can export oil anywhere we want, and with minimal discounts."

In addition to the surge in oil exports, Owji announced a 20% increase in oil and gas production in the Iranian calendar year 1402 (March 21, 2023-2024), predicting even higher production this year. These developments underscore Iran's success in navigating international sanctions and continuing to export its oil, despite the efforts of the US and the EU to curtail its energy sector.

News ID 746052


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