Iran's oil exports hit highest level since reimposition of US sanctions
After US sanctions were imposed on Iran in 2018, Iranian exports have taken significant hits worldwide.
Iran's oil exports hit highest level since reimposition of US sanctions
The Economics of Geography

Iran's oil exports hit highest level since reimposition of US sanctions

26th International Oil Gas Refining and Petrochemical Exhibition 2022 held at the expo center in Tehran, Iran on May 14, 2022. (Photo: Fatemeh Bahrami / Anadolu Agency/ AFP)
Eurasia 17/03/2023 07:51

Iran's oil exports have reached their highest level since the reimposition of US sanctions in 2018, the country's Oil Minister Javad Owji said, according to the semi-official Tasnim news agency.

Following the US exit from a 2015 nuclear deal and its reimposition of sanctions on Tehran in 2018, Iranian oil exports and revenues have taken a significant hit as few countries - with the notable exception of China - continue to purchase Iranian crude.

The oil minister said that 83 million more oil barrels in the current year starting March 21st, 2022 were exported compared to the previous Iranian year running March 2021-2022.

This represents 190 million more barrels than two years prior according to Owji, who added that gas exports increased by 15% in 2022-23 compared to the previous Iranian year, the Jerusalem Post reported, citing Reuters.

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