DECEMBER 9, 2022
Iran News

Iran's Oil Exports Reach Five-Year High, Data Shows

Iran's Oil Exports Reach Five-Year High, Data Shows

Iran’s oil exports have surged to their highest level in five years, according to data from energy trade monitoring company Vortexa. A report by Iran's IRNA news agency on Monday revealed that Iranian oil exports hit 1.7 million barrels per day (bpd) in May, the highest since 2019, when the United States intensified its sanctions on the country's oil trade.

Between January and May, Iran exported an average of 1.56 million bpd, positioning it as OPEC’s fourth largest supplier, surpassing nations like Nigeria and Kuwait. Iranian oil exports accounted for 9% of OPEC’s total oil and condensate supply during this period.

The IRNA report dismissed claims made during Iran's ongoing presidential elections that the increase in oil exports was due to the US easing sanctions to stabilize global oil markets. Instead, it attributed the rise to increased oil production, higher demand from China, and an expansion of Iran’s oil tanker fleet.

Projections from Iran’s Oil Ministry suggest that oil production will reach nearly 4 million bpd by the end of the current calendar year in March, surpassing the 3.9 million bpd output recorded before the US imposed sanctions in 2018.

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