Iranian energy export revenue up 60% from last year

Iran's foreign currency revenues from oil, gas condensate, natural gas, and petrochemical exports increased by more than 60% from March 21 to May 21, according to the oil ministry's official news agency, Shana.

Petrochemical export revenues grew to $2.45 billion in the first two months of the current Iranian calendar year, which began on March 21, according to Ali Forouzandeh, head of public affairs at Iran's oil ministry.

According to Shana, the data reflect foreign currency transactions on the Central Bank of Iran's official currency trading network for exporters and importers, known as NIMA.

It is worth noting that Iran is expanding its oil exports and benefiting from increased oil prices, while China, its largest buyer, is reducing its imports of Russian oil owing to the Ukraine conflict.

Iran's oil exports increased by 30% in the first three months of the year to 870,000 barrels per day, up from an average of 668,000 barrels per day in the full year of 2021. According to Chinese customs data, China cut its purchases of Russian oil by 14 percent in March, reported the commodities data provider Kpler.

Iran's rising exports demonstrate how the Ukraine conflict is redrawing the world's energy trade lines, as energy clients seek alternatives to Russian oil and gas in order to avoid Western sanctions. The changes are expected to increase as more Russian oil left the market, with the International Energy Agency projecting a 25% drop in Russian supply.