Friday, June 21, 2024

OPEC says Iran’s oil revenues up 67% in 2022

Figures by the Organization of Petroleum Exporting Countries (OPEC) shows that Iranian oil export revenues rose by 67% last year despite continued pressure of US sanctions on Tehran.

OPEC data cited in reports by Iranian news agencies on Saturday showed that Iran had earned some $42.6 billion from oil exports last year, up from $25.5 billion recorded in 2021.

Iran had sold $7.9 billion and $19.4 billion worth of crude oil in 2020 and 2019, respectively, showed the figures.

The surge in Iran’s oil export revenues come as the country is still banned from normal trade of oil because of US sanctions that impose strict penalties on international buyers.

Iranian oil export revenues had reached as much as $60.5 billion in 2018 when Washington started to impose sanctions on Iran’s oil trade after withdrawing from an international deal on the country’s nuclear program.

Former and current administrations in the US have stated that they want to cut Iranian oil export to zero to choke off the country’s revenues.

Iranian oil sales started to rebound in the second half of 2021 with better marketing strategies, including by offering discounts to private buyers in China.

Iran has also been able to supply large volumes of crude oil to Venezuela and Syria, according to statements by government authorities and data by international tanker tracking servicers.

OPEC data shows that total oil sales revenues of members of the organization rose by 54.2% to $873.5 billion in 2022.

Along with Venezuela and Libya, Iran is exempt from OPEC’s policy of maintaining production cuts to boost prices in the international oil markets.

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