Iran Says Oil Sales Have Had a ‘Staggering’ Rise Over Past Year

A crew man secures Gulf Marine oil drums on the deck of oil tanker 'Devon' as it prepares to transport crude oil from Kharq Island to India in Bandar Abbas, Iran, on Friday, March 23, 2018. Geopolitical risk is creeping back into the crude oil market. Photographer: Ali Mohammadi/Bloomberg , Bloomberg

Golnar Motevalli, Bloomberg News

Jan 16, 2022

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(Bloomberg) -- Sales of Iranian crude oil, gas condensates and petrochemical products have risen dramatically in the past 10 months, the country’s oil minister said.  

Addressing lawmakers in Tehran, Javad Owji said that Iran’s budget for the year to start March 21 has factored in daily oil sales of 1.2 million barrels, the ministry’s official Shana news agency reported on Sunday. 

No further details were provided, and exports weren’t mentioned. 

China Gorges On Cheap, Sanctioned Oil From Iran, Venezuela 

Iranian oil exports are subject to U.S. sanctions, and China remains Tehran’s only known customer. 

World powers are currently trying to revive the landmark 2015 nuclear deal which had eased sanctions on Iran’s crude exports. Then-President Donald Trump pulled the U.S. out of the accord in 2018 and reimposed heavy sanctions on Iran’s economy. 

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