Oil exports from Iran

Main article: Economy of Iran

2024

Oil exports rise to $35 billion in 12 months despite US sanctions

Iranian oil exports by the end of March 2024 reached $35 billion over the past 12 months.

Despite the reimposition of US sanctions against Tehran in 2018, China's purchases of Iranian oil allowed the country to maintain a positive trade balance.

Lower exports to China to below 1 million barrels per day

In January 2024, Iranian oil exports to China fell to the lowest level in 11 months - Kpler. Deliveries fell below 1 million barrels per day. The decline followed disagreements over oil prices.

2023: Oil exports rise to a record since 2018. More than 90% of supplies go to China

Iranian oil flows declined sharply in October 2023, according to TankerTrackers.com Inc., a company that analyzes satellite images of tanker traffic.

A decline in Iranian exports was expected earlier. People with knowledge of the matter said back in September that exports were likely to peak this year as demand in Asia declines as summer ends.

Earlier, the same company reported that oil flows from Iran allegedly exceed 2 million barrels per day. According to TankerTrackers, satellite images indicate a new surge in supply volumes. This increases global supply, amid production cuts by Saudi Arabia and Russia.

The US is unable to curb oil exports from Iran - thanks to China's appetite for discounted oil, as well as the expansion of payment and transportation networks that the US cannot reach.

Imports of Iranian oil to China in August 2023 are at their highest level in a decade as rising global prices boost the appeal of discounted crude, according to data analytics firm Kpler. According to the company's estimates, in August the world's largest oil importer will receive about 1.5 million barrels per day from Iran.

In May 2023, Iran shipped the largest volume of oil in almost five years, strengthening its return to the geopolitical arena while posing risks to the fragile global oil market. Exports are the highest since 2018, according to consultants Kpler and SVB.

By April 2023, private refiners in China, the largest oil importer, are acquiring more Iranian oil amid growing competition for supplies from Russia.

2022: Oil exports hit their highest since 2018

In 2022, oil exports from Iran reached their highest level since 2018, when sanctions imposed sanctions on Iranian energy. This was announced in mid-March 2023 by Iranian Oil Minister Javad Ouji.

According to him, in the 2022-2023 financial year (ended in March 2023 calendar) Iran delivered 83 million barrels of oil more than in the previous reporting period. The country's budget revenues from oil exports reached $14 billion.

The last time this amount of oil was supplied by Iran in 2018

Compared to the level of two years ago, oil exports in 2022-2023 increased by 190 million barrels, Ouji said. Iran's natural gas exports in the 2022-2023 fiscal year rose 15% from the previous fiscal year.

According to Reuters, citing data from power consulting company SVB International, in November Iranian exports amounted to 1.095 million barrels per day, and in December they even rose to 1.137 million. According to the estimates of another analytical company, Kpler, Iranian exports amounted to 1.23 million barrels per day in November and about 1 million in December. Iranian exports have hit record highs since March 2019 in recent months, according to consultancy Petro-Logistics. Iran does not release official data on oil exports.

Iranian oil exports fell after the US pulled out of the nuclear deal and imposed sanctions on the country in 2018 when Donald Trump was US president. As a result, exports fell from 2.5 million barrels per day in 2018 to 100 thousand barrels on some days in 2020. Only a few countries continued to buy Iranian oil. The main buyers are supposed to be small Chinese refineries.^[1]

2021: Oil exports rise to 0.6 million bpd

The volume of Iranian oil exports since the imposition of sanctions has decreased by more than 4 times. EU under pressure USA , completely abandoned its use.

Oil production in thousands of barrels per day by country in 2021

2020: Plan to launch oil exports through the port of Jask

In June 2020, it became known that the Iranian authorities will begin exporting oil through the port of Jask located in the Gulf of Oman by the end of March 2021. This was stated by Iranian Oil Minister Bijan Namdar Zanganee.

During the presentation of the Gure-Jask oil pipeline construction project, Iranian President Hassan Rouhani noted that "Iran remained the only country whose oil exports completely stopped if the Strait of Hormuz was blocked." "Now with the launch of the aforementioned project, we will cope with this problem," he said.

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