Iranian Oil Exports Peak Despite Sanctions

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions.

This is according to companies that track the flows on higher shipments to China and Venezuela.

Tehran’s oil exports have been limited since former U.S. President Donald Trump in 2018, exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran’s government.

Exports have risen during the term of his successor President Joe Biden, who had sought to revive the nuclear deal, and hit the highest since 2019 on some estimates.

This comes despite headwinds such as a stall in those talks and competition from discounted Russian crude.

Energy consultant SVB International said Iran’s crude exports in December averaged 1.137 million barrels per day, up 42,000 bpd from November and the highest 2022 figure SVB has reported based on estimates given earlier.

Reuters/Hauwa Abu