Iran oil income up 35% in 2022 to $54bn: EIA

By Al Mayadeen English
Source: News Websites
1 Jul 2023 23:55
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Data indicated that Iran remained the fifth largest oil exporter in OPEC in 2022, selling more than $18 million worth of crude oil during the five months to May 2023.

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

Despite sanctions, Iran's petroleum export profits increased in 2022, according to a US energy agency study.

According to the Energy Information Administration (EIA), the US government's principal energy data agency, Iran earned more from crude oil exports last year than in 2021, despite Washington's sanctions targeting Iranian oil commerce.

According to EIA data on oil exports by the Organisation of Petroleum Exporting Countries (OPEC), which was updated on June 28 and cited in reports by Iranian news agencies on Saturday, total revenues collected by Iran from oil exports in 2022 were 54 billion, up 35% from figures reported by the country in 2021.

Data indicated that Iran remained the fifth largest oil exporter in OPEC in 2022, selling more than $18 million worth of crude oil in the five months to May 2023.

Iran's oil exports have been subjected to a slew of sanctions since 2018 when Washington withdrew from the Iran nuclear deal and sanctioned Tehran.

According to declarations by Iranian government officials and data from international tanker monitoring organizations, Iranian oil shipments have increased since the second half of 2022, with increased supply to private clients in China.

The surge has been hailed as a big accomplishment for Iran and a significant defiance of US sanctions.

According to recent reports, Iranian oil exports are approaching nearly 2 million barrels per day (BPD), up from a typical 1 million BPD reported in the second half of 2022 and a significant increase from record lows of around 300,000 BPD seen after the US government tightened sanctions on Iran in May 2019.

Last week in an interview for IRNA, Iranian 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, Iranian 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.