Iran oil exports up 0.76% in February: IEA
Latest figures by the International Energy Agency (IEA) show that Iran continued to increase its oil exports in February despite the US sanctions.
IEA figures released on the agency’s website and cited in a report by IRNA showed that Iran had supplied an average of 2.65 million barrels per day (bpd) of oil to the markets in February, up 0.76% from export figures reported in January. The figures indicated that Iran had maintained a sustainable oil production capacity of 3.8 million bpd in February, meaning that the country can reach that capacity level within 90 days and sustain it for an extended period.
The figures confirm statements by Iranian government officials suggesting Iran has continued to increase its oil production and exports in early 2023. That comes following reports by international tanker tracking services showing that Iranian oil exports increased significantly last year compared to figures seen in 2021 to reach records not seen since the US imposed sanctions on the country’s oil trade in May 2018. A statement by Oil Minister Javad Owji in early March showed that Iran’s oil and condensate export had risen by an average of 0.57 million bpd last year compared to two years ago. Experts believe rising oil exports from Iran prove that the US government has bitterly failed in its efforts to destroy the Iranian oil industry through its unprecedented and illegal regime of sanctions.