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Published March 12, 2023 9:23 a.m. ET
The Iranian oil tanker Forest is anchored off the dock of El Palito refinery near Puerto Cabello, Venezuela, Sept 29, 2020. (AP Photo/Juan Carlos Hernandez)
DUBAI — Iran’s oil exports have reached their highest level since the re-imposition of U.S. sanctions in 2018, the country’s Oil Minister Javad Owji said on Sunday, according to the semi-official Tasnim news agency.
Following the United States’ exit from a 2015 nuclear deal and its re-imposition 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 21, 2022, were exported compared to the previous Iranian year running March 2021-22.
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 United States on Thursday imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.
Brian O’Toole, a former U.S. Treasury Department official, said Thursday’s action would put a dent in Iran’s ability to keep moving oil and get paid for it.
(Reporting by Dubai Newsroom Editing by Raissa Kasolowsky and Frances Kerry)
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