Iran’s oil exports hit five-year high – official – RT Business News

Crude shipments from the Gulf country fell dramatically in 2018 after Washington walked away from the nuclear deal and reimposed sanctions

Iran’s oil exports surged last year to their highest level since 2018, Iran’s semi-official Tasnim news agency reported on Sunday, citing Oil Minister Javad Owji.

According to Owji, the country has exported 83 million barrels more oil since the start of the Iranian year on March 21, 2022, than the same period the previous year. The official did not specify the exact amount of oil exports, but said they had reached the highest level since US sanctions were reimposed about five years ago. Gas exports also rose 15% from the previous Iranian year, Owji said.

Tehran’s oil exports have been reduced since 2018, when former US President Donald Trump ended a 2015 nuclear deal and reimposed sanctions targeting Iran’s oil, banking and transport sectors, in the purpose of reducing Tehran’s revenue. Exports then fell to as low as 100,000 barrels per day (bpd) at various times, from more than 2.5 million bpd in 2018, according to tanker tracking data.

The nuclear deal provided for curbing Iran’s nuclear program in exchange for sanctions relief. Talks on reviving the deal have so far stalled as Washington is unhappy with Iran’s alleged sale of drones to Russia and human rights abuses.

In addition, earlier this month, the United States imposed new sanctions on 11 companies and 20 affiliated vessels that allegedly facilitated Iranian oil and petrochemical exports in violation of US restrictions.

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