Saturday, February 24, 2024

Iran’s oil exports increased 50% last year despite US sanctions: Report

A new report shows that Iran’s oil exports rose by half in 2023 despite sanctions imposed on Tehran by Washington.

The Wednesday report by the Japanese daily newspaper Nikkei showed that Iranian overseas oil shipments had reached an average of 1.3 million barrels per day (bpd) in 2023, up nearly 50% compared to the previous year and the highest on record over the past five years.

The report cited figures by International Energy Agency showing that Iran’s total crude oil production had reached 2.99 million bpd last year, up by 0.44 million bpd from 2022.

The figures confirm earlier media reports and statements by Iranian government authorities suggesting there was a major surge in Iranian oil production and exports in 2023 despite the fact that the country was still subject to a harsh regime of US sanctions.

China has been responsible for a bulk of Iranian overseas oil sales, according to the same reports.

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