Iran oil exports hit highest level since re-imposition of US sanctions in 2018

Javad Owji said that the country exported 83 million more oil barrels in the current year (starting March 21, 2022) compared to the previous Iranian calendar year running March 2021-2022.

He added that the figure represents 190 million more barrels than two years earlier, saying that gas exports increased by 15 percent in 2022-23 compared to the previous Iranian year.

Owji attributed the spike to exploiting all capacities, marketing and modified contracts.

Earlier this month, the Iranian oil minister said crude oil exports from the country will further increase in the upcoming months despite the growing pressure of the US sanctions on the Iranian energy sector.

Owji said at the time that Iranian oil exports had reached significant levels in February amid efforts by the country to get round the sanctions and pump more oil to markets in East Asia.

“Iran’s oil sales over the last month (February) were considerable despite the sanctions and they are expected to further increase in the coming months,” the minister was quoted as saying by the official IRNA news agency.

In January, figures by international tanker tracking services showed that oil exports from Iran in late 2022 had reached records not seen since the country came under US sanctions nearly five years ago.

The figures suggested that Iran had pumped more than 1.2 million barrels per day of oil to export markets late last year and showed that Iranian crude shipments had continued to rise in early 2023 with higher exports to China and Venezuela.

Iran has been able to supply increased volumes of oil to private buyers in China and other markets in recent months despite US sanctions that ban any purchases of the country’s oil shipments.