Iran’s oil exports reach five-year high – official

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Crude shipments from the Gulf country had dropped significantly in 2018 after Washington quit the nuclear deal and re-imposed sanctions

Iran’s oil exports surged last year to their highest level since 2018, Iran’s semi-official Tasnim news agency reported on Sunday, citing Oil Minister Javad Owji.

According to Owji, the country has exported 83 million more barrels of oil since the start of the Iranian year on March 21, 2022, than in the same period of the previous year. The official did not specify the exact amount of oil exports, but said they had reached the highest level since US sanctions were re-imposed some five years ago. Gas exports were also up by 15% compared to the previous Iranian year, Owji said.

Tehran’s oil exports have been curtailed since 2018, when former US President Donald Trump exited a 2015 nuclear deal and re-imposed sanctions targeting Iran’s oil, banking, and transportation sectors, aiming to slash Tehran’s revenues. Exports subsequently dropped to as little as 100,000 barrels per day (bpd) at various times, from over 2.5 million bpd in 2018, according to tanker tracking data.

The nuclear deal envisioned curbing Iran’s nuclear program in exchange for the relief from sanctions. Talks over reviving the deal have so far been stalled, as Washington is unhappy with Iran’s alleged sale of drones to Russia and human rights abuses.

Also, earlier this month the US imposed new sanctions on 11 firms and 20 affiliated shipping vessels that had allegedly facilitated Iranian exports of petroleum and petrochemical products in violation of US restrictions.

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