Iran registers surge in oil production and exports despite US sanctions

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Despite sanction from USA, Iran’s oil output and exports have jumped in August, as shown by consultants and companies that track tanker shipments, as Tehran sells to buyers including China.

Analysts believe that Iran’s increase in exports have proved it to be successful in evading the sanctions imposed by America and Washington’s discretion in enforcing them as the two countries seek better relations.

In 2018, when Donald Trump exited the 2015 nuclear accord, the USA sought to limit Iran oil exports by reimposing sanctions aimed at curbing revenues to Iran’s government. However, the exports have risen during President Joe Biden’s term, with China occupying the top position on the list of buyers, according to industry trackers.

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As per SVB International, a consultant, Iran’s oil production registered a rise in August 2023 to 3.15 million barrels per day (bpd), the highest since 2018, with crude oil and condensate exports at just under 2 million bpd.

SVB’s Sara Vakhshouri stated, “Iran is on the path to recover its pre-sanctions oil production.”