Iran’s oil exports’ value reaches USD19.5b in 5 months
(MENAFN) According to Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA), Iran has successfully exported USD19.5 billion worth of crude oil and fuel oil during the first five months of the current Iranian calendar year, which spans from March 20 to August 21. This significant export figure reflects Iran's ongoing efforts to boost its oil shipments amid a challenging economic environment shaped by international sanctions.
In response to Western sanctions aimed at curtailing its oil revenues, Iran has been actively diversifying its oil export markets. The country has strategically expanded its oil destinations to include new markets such as Bangladesh and Oman, as reported by shipping sources and data cited by a UK news agency in mid-August. This expansion is part of Iran's broader strategy to mitigate the impact of these sanctions and enhance its presence in global oil markets.
Iran’s oil sales are crucial to its economy, serving as a major source of revenue for the country. In light of the sanctions re-imposed by former U.S. President Donald Trump in 2018 over Iran's nuclear program, the country has been seeking various methods to navigate and bypass these restrictions. Despite the constraints imposed by the sanctions, Iran remains committed to maximizing its oil production and export capacity.
Furthermore, Iran benefits from an exemption from the output quotas set by the Organization of the Petroleum Exporting Countries (OPEC), allowing it to pursue increased production and export volumes. Former Oil Minister Javad Oji disclosed in July that Iran was selling crude oil to 17 countries, including European nations, highlighting the country's ongoing efforts to sustain and expand its oil market reach despite the prevailing economic pressures.
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