Report: oil exports in Iran reach 6-year high

4/21/2024 4:00:41 AM

(MENAFN) According to a business news agency, Iran is experiencing a surge in oil exports, reaching levels unseen in the past six years, which is providing a significant annual economic boost of USD35 billion.

During the initial three months of the year, Tehran averaged sales of 1.56 million barrels per day, predominantly to China, marking its highest export volume since the third quarter of 2018.

“The Iranians have mastered the art of sanctions circumvention,” stated Fernando Ferreira, leader of the geopolitical risk division at the Rapidan energy Group based in the United States.

A news agency in Tehran reported on Wednesday that Iran's oil industry had devised methods to circumvent sanctions.

Iran's Oil Minister Javad Oji revealed last month that oil exports had yielded over USD35 billion in revenue during the previous year. He emphasized that despite efforts by Iran's adversaries to hinder its exports, “today, we can export oil anywhere we want, and with minimal discounts”.

Earlier in April, the U.S. Energy Information Administration (EIA) disclosed that Iran's oil production for March 2024 reached 3.25 million barrels per day (bpd), marking a modest increase of 20,000 bpd compared to the previous month. The EIA's report highlighted that Iran's oil output in February stood at 3.23 million bpd.

Throughout the first quarter of the year, Iran maintained an average oil production of 3.2 million barrels per day, as indicated by the EIA's findings. This signifies a notable uptick in Iran's oil production by 50,000 bpd when compared to the fourth quarter of the previous year, and a substantial increase of 630,000 barrels per day compared to the first quarter of 2023.

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