Iranian oil exports reach five-year high despite US sanctions

(Patria) - Iranian crude oil exports and oil production in 2023 have reached record levels since the country was under US sanctions more than five years ago, according to reports by Reuters and Bloomberg.

A Reuters report on Friday stated that Iranian crude oil shipments continued to grow in 2023 with increased deliveries to China, Syria, and Venezuela. The report cited consultants, shipping data, and a source familiar with the matter, Press TV reported.

A large portion of Iran's crude oil goes to China, which is the world's largest energy importer. Several European customers, including Germany, Spain, and Bulgaria, have also been importing oil from Iran.

Iran has not released official data on its oil exports in recent years amid efforts to evade Washington's sanctions. Tehran's oil exports have been restricted since May 2018 when Donald Trump imposed sanctions. However, exports have been steadily increasing during the term of current US President Joe Biden.

Crude oil exports exceeded 1.5 million barrels per day in May, the highest monthly rate since 2018, Reuters reported, citing Kpler, a tanker tracking service. Exports were approximately 2.5 million barrels per day in 2018, before sanctions.

Iran announced in May that it had increased crude oil production to over 3 million barrels per day. This is about 3% of global supply and would be the highest since 2018, according to data from the Organization of the Petroleum Exporting Countries (OPEC). The International Energy Agency estimated Iran's May production at 2.87 million barrels per day this week, close to Iran's official figure.

A Bloomberg report also stated on Friday that Iran is shipping the most crude oil in nearly five years despite US sanctions. Bloomberg quoted energy analysts who said that Iranian oil exports have risen to their highest level since the US reimposed sanctions on the country in 2018.

In May, a senior US Republican senator, Lindsey Graham, acknowledged the ineffectiveness of the unilaterally imposed sanctions on Iran. Graham criticized the Biden administration for not stopping Iranian oil exports. "The Iranians are making more money under sanctions, not less, and China is the biggest reason why we are not doing anything about it," he said.