Iran says oil exports hit highest level since US re-imposed sanctions

Iran US Oil

According to Iranian Oil Minister Javad Owji, the country’s petroleum exports have hit their highest level since US sanctions were reinstated in 2018.

According to the official news agency IRNA, Owji noted on Sunday that Iran‘s crude exports grew by 83 million barrels from the start of the current Iranian calendar year, which began on March 21, 2022, to February 19, 2023, compared to the same time in 2021-2022.

It also revealed a 190-million-barrel increase from the same time period in 2020-2021, he said, without giving the actual quantity of Iran’s total petroleum exports, according to the Xinhua news agency.

According to the Iranian oil minister, the country’s gas exports have increased by 15% year on year in the current Iranian calendar year, with Iran earning $6.5 billion from liquefied petroleum gas exports since March 2022.

Following its unilateral departure from a 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action, the United States increased sanctions against Iran in May 2018, primarily targeting the country’s oil exports and banking sector (JCPOA).

The talks to resurrect the JCPOA began in April 2021 in Vienna. After the most recent round of talks in early August 2022, no breakthrough had been made.