In defiance of sanctions, Iran's oil exports on the rise: Minister
Javad Owji says the expansion of energy diplomacy and connections with Asian, African, and Latin American nations has assisted Iran in creating new markets for exporting its oil.
In an interview for IRNA on Friday, Iran’s oil minister Javad Owji disclosed that energy diplomacy with Asian, African, and Latin American countries helped Iran expand its oil market and promised that great news on oil sales is soon expected.
According to the Minister, Iran's oil exports increased to 1.9 million barrels per day (bpd) in May, citing President Ebrahim Raisi.
In early June, Owji stated that those who imposed sanctions on Iran believed they could stymie Iran's growth and advancement by using the terroristic weapon of sanctions, despite the fact that it is a double-edged sword with which they must contend.
Owji added that foreign agencies that monitor the countries' oil exports have recorded an increase in Iran's output and exports.
Last week, Reuters released a report detailing that Iran's crude exports and oil output will reach new heights in 2023 despite US sanctions, contributing to world supply at a time when other producers are cutting output.
Tehran's oil exports have been restricted since former US President Donald Trump abandoned a 2015 nuclear deal and reimposed sanctions aimed at limiting oil exports and the related revenue to Iran's government in 2018.
Nonetheless, exports have increased during the presidency of his successor, Joe Biden, according to the research.
According to Kpler, a flow data company, Iranian oil exports hit 1.5 million barrels per day (bpd) in May, the highest monthly rate since 2018. Prior to the United States' exit from the nuclear accord in 2018, they were at about 2.5 million bpd.
The International Energy Agency estimated Iran's May output at 2.87 million bpd, which is close to the country's official figure.
The hike from Iran comes as OPEC+, which comprises OPEC, Russia, and other partners, is limiting supply to stabilize the oil market, where fears of economic weakness have pushed up prices.
According to some observers, Iran's production and exports have increased. According to SVB International, petroleum output reached 3.04 million bpd in May, up from 2.66 million bpd in January. In May, oil and condensate exports totaled 1.93 million bpd.
Before the 13th (current) government took office in early August 2021, Iran had 87 million barrels of gas condensates in storage offshore and onshore, according to Owji, who described the situation as an Achilles' heel since they were difficult to sell.
The 13th administration, on the other hand, sold the stockpiled gas condensates and is now selling about 800 barrels generated per day despite the harshest penalties, he concluded.