EU figures show Turkey resumed oil imports from Iran in March

By Al Mayadeen English
Source: Agencies
2 Jul 2024 00:12
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Turkey resumed oil imports from Iran back in March following a four-year hiatus, data released by the EU's Eurostat shows.

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Iranian oil tanker Fortune is anchored at the dock of the El Palito refinery near Puerto Cabello, Venezuela, May 25, 2020 (AP)

Figures by the European Union's statistics agency, Eurostat, show that Turkey resumed importing oil from Iran in March this year nearly four years after it cut shipments to zero to comply with US sanctions on Tehran.

Eurostat data cited in a Sunday report by Iran's official IRNA news agency showed that Turkey had imported 576 metric tons (mt) of oil from Iran in March and another 485 mt in April.

Turkey's last oil shipment from Iran had been reported in August 2020 when the country bowed to US pressure and stopped the imports.

The figures are yet another sign that more countries have stopped complying with US sanctions on Iran and are taking delivery of oil shipments from the country.

Eurostat figures showed that Bulgaria and Poland were two EU members that had imported oil from Iran this year.

Bulgaria raised its oil imports from Iran in Q1 of 2024 by 113% year-on-year, rising to 314 mt.

Poland's oil imports from Iran, the first in two years, amounted to 19 mt, which were delivered to the country via one shipment in March.

Georgia, an EU candidate country, imported 544 mt of oil from Iran in Q1 of 2024, down from 974 mt in Q1 of 2023.

Reports suggest more European countries are willing to ignore US sanctions on Iran and import oil from the country now that Tehran is selling record volumes of oil to Asian markets.

Iran's oil exports reached more than 1.6 million barrels per day (bpd) in some months of this year and in 2023, up from record lows of 0.3 million bpd reported in 2019 when the US toughened its sanctions on Tehran.

Recent data released by the Energy Institute (EI) showed that Iran has emerged as one of the world's fastest-growing oil producers in 2023.

Despite US sanctions, data reveal that Iran's oil and condensates production surged to an average of 3.94 million barrels per day (bpd), marking a substantial 19% increase from the previous year's figures.

These figures as cited by ILNA news agency demonstrate Iran's exceptional growth trajectory amid a global backdrop where most major oil-producing nations experienced declines.

Globally, average oil production only managed a modest 1.4% increase, contrasting sharply with Iran's double-digit expansion.

Iran's growth rate was surpassed only by Guyana, a small South American nation, which saw an impressive 40.8% surge in its production, albeit from a much lower base of 0.391 million bpd.

The data further show significant production decreases among major players. Saudi Arabia, the world's largest oil producer, reported an 8.6% decline, while Russia recorded a 1.1% reduction.

In contrast, the US, the top global oil consumer, saw an 8.5% increase in production, according to the EI figures.

Iran's robust production figures come despite enduring US sanctions imposed since 2018, following the US withdrawal from the JCPOA nuclear deal with Iran.

These sanctions aimed to restrict Iran's oil exports and limit its economic capabilities.

The Iranian Oil Ministry estimates that the country's oil output will surpass four million bpd by March next year.