Wednesday, April 24, 2024

Iran oil exports set record high in 4 years despite sanctions: Minister

Iranian Oil Minister Javad Owji said the country’s oil exports reached the highest level in four years including in the current Persian calendar year which will end on March 20.

Speaking at a ceremony on Sunday in Tehran, Owiji said Iran exported 190 million barrels of oil more than it did two years ago and 83 million barrels more than the previous year.

Also, the amount of gas exports this year increased by 15 percent compared to the previous year, Owji said.

He added that the foreign exchange earnings of the country are higher than the amount needed.

Exports have risen despite the American sanctions, which were re-imposed on Iran following Washington’s withdrawal from the 2015 Iran nuclear deal (JCPOA) in 2018. The sanctions have primarily been designed to paralyze Iran’s oil exports and banking ties with abroad.

The increase in the Iranian oil sales come despite headwinds such as a stall in the talks on reviving the deal and competition in the market caused by discounted Russian crude.

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