LONDON: Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite US sanctions, according to companies that track the flows, on higher shipments to China and Venezuela, Reuters reported.
Tehran’s oil exports have been limited since former US President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran.
Exports have risen during the term of his successor President Joe Biden, who had sought to revive the nuclear deal, and hit the highest since 2019 on some estimates. This comes despite stall in those talks and competition from discounted Russian crude.
Energy consultant SVB International said Iran’s crude exports in December averaged 1.137 million barrels per day, up 42,000 bpd from November and the highest 2022 figure SVB has reported based on estimates given earlier.
“In comparison to the Trump administration, there hasn’t been any serious crackdown or action against Iran’s oil exports,” said Sara Vakhshouri of SVB. “January exports were so far strong like previous months.”