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The Jerusalem Post

Iran says oil exports hit highest level since reimposition of US sanctions - Tasnim

 
 Model of petrol pump is seen in front of US and Iran flag colors in this illustration taken March 25, 2022.  (photo credit: DADO RUVIC/REUTERS ILLUSTRATION)
Model of petrol pump is seen in front of US and Iran flag colors in this illustration taken March 25, 2022.
(photo credit: DADO RUVIC/REUTERS ILLUSTRATION)

After US sanctions were imposed on Iran in 2018, Iranian exports have taken significant hits worldwide.

Iran's oil exports have reached their highest level since the reimposition of US sanctions in 2018, the country's Oil Minister Javad Owji said on Sunday, according to the semi-official Tasnim news agency.

Following the US exit from a 2015 nuclear deal and its reimposition of sanctions on Tehran in 2018, Iranian oil exports and revenues have taken a significant hit as few countries - with the notable exception of China - continue to purchase Iranian crude.

The oil minister said that 83 million more oil barrels in the current year starting March 21st, 2022 were exported compared to the previous Iranian year running March 2021-2022.

This represents 190 million more barrels than two years prior according to Owji, who added that gas exports increased by 15% in 2022-23 compared to the previous Iranian year.

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 The second Aframax-sized oil tanker sold to Venezuela is seen in Bushehr coast (credit: REUTERS)
The second Aframax-sized oil tanker sold to Venezuela is seen in Bushehr coast (credit: REUTERS)

New sanctions on Iran 

The United States on Thursday imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran's access to the global financial system, describing them as a "shadow banking" network that moves billions of dollars.

Brian O'Toole, a former Treasury Department official, said Thursday's action would put a dent in Iran's ability to keep moving oil and get paid for it.

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