Iran’s crude exports and oil output have hit new highs in 2023 despite US sanctions, according to consultants, shipping data and a source familiar with the matter.
Tehran’s oil exports have been limited since former US president Donald Trump in 2018 exited the 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran’s government.
Iranian crude exports exceeded 1.5 million barrels per day (bpd) in May, the highest monthly rate since 2018, Reuters reported. They were around 2.5 million bpd in 2018, before the US withdrawal from the nuclear deal.
Iran said in May it has boosted its crude output to above 3 million bpd. That’s about 3% of global supply and would be the highest since 2018 according to figures from the Organization of the Petroleum Exporting Countries (OPEC). A source familiar with the matter told Reuters earlier this month output was still at this level.
Earlier, the International Energy Agency (IEA) announced that Iran produced 2.87 million barrels of oil per day (bpd) in May 2023.
Iran’s crude oil production and export growth comes as OPEC+ coalition members have decreased their output to support the oil market.
China is the largest buyer of Iranian oil and Iran also exports oil to Syria and Venezuela.