Iran’s oil exports hit highest level since US 2018 sanctions
Iran’s crude oil exports have reached a new milestone, reaching their highest level since the United States withdrew from the 2015 Iran nuclear deal and reimposed sanctions on Tehran in 2018.
According to Oil Minister Javad Owji, the volume of crude oil exports in the current Iranian calendar year, which began on March 21, 2022, increased by 83 million barrels compared to the previous year. The figure represents an outstanding increase of 190 million more barrels than two years ago.
Moreover, gas exports surged by 15% in 2022-23, compared to the previous Iranian year, indicating significant growth in Iran’s energy sector.
Owji attributed the spike in exports to Iran’s resourceful approach, effective marketing, and modified contracts.
Despite the growing pressure of US sanctions on Iran’s energy sector, crude oil exports from the country are expected to increase in the coming months, as Owji had previously stated earlier this month. Iran has managed to supply increased volumes of oil to private buyers in China and other markets in recent months, despite US sanctions that prohibit the purchase of the country’s oil shipments.
In January, figures by international tanker tracking services showed that oil exports from Iran in late 2022 reached record levels not seen since the country came under US sanctions five years ago. The data suggests that Iran pumped over 1.2 million barrels per day of oil for export markets in late 2022, with higher exports to China and Venezuela in early 2023.
The Iranian government’s commitment to increasing crude oil exports comes amid rising geopolitical tensions and growing demand for fossil fuels, signaling the country’s determination to maximize its hydrocarbon reserves’ commercial potential.