Oil exports in Iran rebound from sanctions burdens under late president Raisi

(MENAFN) Since the assumption of power by the late Iranian President Ebrahim Raisi in August 2021, Iran's oil exports have consistently surged, defying the formidable challenges posed by stringent U.S. sanctions targeting the country's oil industry, a primary source of revenue for the Islamic Republic.

Despite the concerted efforts to stifle Iran's oil sector, recent data reported by the Financial Times, citing figures from data company Vortexa, revealed a remarkable upswing in Iran's oil exports, reaching levels unprecedented in the past six years. This resurgence in oil exports has injected a significant financial boost of approximately USD35 billion annually into Iran's economy.

The report further elucidates that Tehran managed to export an average of 1.56 million barrels per day during the initial three months of 2024, with the majority of exports directed towards China. This level of exportation represents a peak not witnessed since the third quarter of 2018.

Commenting on Iran's adeptness in circumventing sanctions, Fernando Ferreira, head of a geopolitical risk service at the Rapidan Energy Group in the U.S., remarked, "The Iranians have mastered the art of sanctions circumvention," underscoring Iran's resilience and adaptability in navigating through economic restrictions.

Iran's Oil Minister, Javad Owji, echoed this sentiment in March, highlighting the substantial economic benefits derived from oil exports, which he estimated to have generated over USD35 billion in the preceding year. Owji emphasized Iran's ability to overcome impediments posed by adversaries, asserting, "Today, we can export oil anywhere we want, and with minimal discounts," indicative of Iran's confidence in its capacity to maintain and expand its oil export activities despite external pressures.



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