Iran's Oil Exports on Rise despite ‘Harsher’ Sanctions: Minister

Iran's Oil Exports on Rise despite ‘Harsher’ Sanctions: Minister

TEHRAN (Tasnim) – Iran’s oil minister said his country’s oil products and exports have climbed in spite of tough and cruel sanctions imposed against the country.

Speaking in an interview with IRNA on Friday, Javad Owji added that the promotion of energy diplomacy and relations with Asian, African, and Latin American countries has helped Iran create new markets for selling its oil.

He also promised good news on oil sales will be announced in the coming months.

The minister quoted President Ebrahim Raisi as saying that Iran’s oil exports rose to 1.9 million barrels per day (bpd) in May.

Owji said international institutes that monitor the countries’ oil exports have reported the hike in Iran’s output and exports.

Last week, a Reuters report quoting consultants, shipping data and a source familiar with the matter said Iran's crude exports and oil output have hit new highs in 2023 despite US sanctions, adding to global supply when other producers are limiting output.

Tehran's oil exports have been limited since former US president Donald Trump exited a 2015 nuclear accord in May 2018 and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.

Even so, exports have risen over the past years. 

Iranian crude exports exceeded 1.5 million barrels per day (bpd) in May, the highest monthly rate since 2018, according to Kpler, a provider of flows data. They were around 2.5 million bpd in 2018, before the US withdrawal from the nuclear deal.

Iran said in May it has boosted its crude output to above 3 million bpd. That's about 3% of global supply and would be the highest since 2018, according to figures from the Organization of the Petroleum Exporting Countries (OPEC). A source familiar with the matter told Reuters earlier this month output was still at this level.

The International Energy Agency (IEA) also put Iran's May production at 2.87 million bpd, close to Iran's official figure.

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