Tehran, Iran – Iran managed to sell an average of 1.56 million barrels per day during the first quarter of this year, primarily to China, data from Vortexa reveals. This marks the highest export level since the third quarter of 2018.
The success in oil exports highlights the challenges faced by the US and EU in their efforts to exert pressure on Tehran, as noted by the Financial Times citing the Iranian oil ministry’s news service, SHANA. Fernando Ferreira, head of geopolitical risk service at the Rapidan Energy Group, commented, “The Iranians have mastered the art of sanctions circumvention.”
Iran’s Oil Minister Javad Owji stated that oil exports generated over $35 billion in revenue in the previous year, emphasizing the resilience of Iran’s oil industry in finding ways to navigate around sanctions. Owji also asserted that despite efforts from adversaries to halt exports, Iran can now export oil to any destination with minimal discounts.
In addition, Oil Minister Owji announced a notable 20% increase in oil and gas production during the Iranian calendar year of 1402 (March 21, 2023 – March 20, 2024), with expectations of further production growth in the coming year.
