(MENAFN) Iran has significantly bolstered its position within the Organization of the Petroleum Exporting Countries (OPEC) as the fourth largest oil exporter, driven by a surge in oil production and sales. According to a report from Vortexa, a global energy sector data provider, Iran's oil and gas condensate exports have reached their highest levels since 2018, despite stringent U.S. sanctions targeting its oil sales following the withdrawal from the Iran nuclear deal.

Currently, Iran's oil and gas condensate exports constitute 9 percent of OPEC's total crude oil and gas condensate exports. From January to May of this year, Iran exported an average of 1.56 million barrels per day (bpd), surpassing both Kuwait and Nigeria by 250,000 bpd. This surge has elevated Iran to the fourth position among OPEC's largest crude oil exporters.

In May alone, Iran's crude oil and gas exports peaked at 1.7 million bpd, marking the highest level in the past five years. This increase has been attributed to heightened Chinese demand for oil and the expansion of Iran's oil tanker fleet.

Since the inauguration of President Ebrahim Raisi in August 2021, Iran's oil exports have consistently risen, defying expectations under tough U.S. sanctions aimed at curbing Iran's oil revenue. Reports indicate that Iran's oil exports have provided a significant boost to its economy, estimated at approximately USD35 billion annually.

A UK-based news agency, citing Vortexa data, highlighted that Iran's oil exports in early 2024 averaged 1.56 million barrels per day, predominantly to China, marking the highest export levels since the third quarter of 2018.

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