Despite US Sanctions, Iran’s Oil Exports Hit 5-Year Record

By Staff, Agencies

Iran's crude exports and oil output in 2023 have reached record highs since the country came under US sanctions more than five years ago.

The Friday report by Reuters revealed that “The Iranian crude shipments continued to rise in 2023 with higher shipments to China, Syria and Venezuela.”

The report quoted consultants, shipping data, and a source familiar with the matter.

A large chunk of Iran’s crude oil goes to China which is the world’s major importer of energy. Several European customers including Germany, Spain, and Bulgaria also imported oil from Iran.

Iran has not released official figures about its oil exports over the past years amid efforts to evade Washington’s illegal sanctions.

The crude exports exceeded 1.5 million barrels per day [bpd] in May, the highest monthly rate since 2018, Reuters reported quoting Kpler, a major international tanker-tracking service.

The exports were roughly 2.5 million bpd in 2018, before the US withdrawal from the 2015 nuclear agreement.

The Reuters report quoted analysts saying Iran's production and exports have risen.

SVB International, a consultant, estimates crude production hit 3.04 million bpd in May, up from 2.66 million bpd in January. Exports of crude and condensate were 1.93 million bpd in May, according to the report.

“Sanctions are in place but perhaps they are not fully implemented or monitored,” said Sara Vakhshouri of SVB.

A Bloomberg report also said on Friday Iran is shipping the crudest in almost five years despite US sanctions.