Iran’s Oil Exports Hit 2.7mln bpd Despite New US Sanctions: Report
TEHRAN (Tasnim) – Iran’s oil exports hit 2.7 million barrels per day (bpd) in May, a new record since the lifting of anti-Tehran sanctions in 2016, and despite the threats of fresh US sanctions.
Iran exported 2.4 million bpd of crude oil in May and 300,000 bpd of natural gas condensate, Shana news agency reported.
Iran’s oil exports stood at 2.6 bpd in April.
US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement, which was reached in 2015 between Iran and the five permanent members of the UN Security Council - the US, Britain, France, Russia and China - plus Germany.
Trump also said he would reinstate US nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.
The estimates from Geneva-based Petro-Logistics suggested this week that Iranian oil buyers are not rushing to cut volumes from OPEC’s third-largest producer, according to Reuters.
The US sanctions have a 180-day period during which buyers should “wind down” purchases.
The bulk of Iran’s crude exports, at least 1.8 million bpd, goes to Asia. Most of the rest goes to Europe and these volumes are seen by analysts and traders as the more vulnerable to being curbed by US sanctions.
Iranian Oil Minister Bijan Zangeneh said earlier this week that he was hopeful that an agreement with Europe would inspire other potential buyers of Iranian oil.
