Reuters: Iran's Oil Exports Reach Highest Level in 5 Years

According to Reuters, citing experts, shipping data, and a knowledgeable source, despite U.S. sanctions, Iran's crude oil exports and production have reached their highest levels in 2023. The report states that Iran's oil exports have been limited since the U.S. withdrew from the JCPOA in 2018 and reinstated sanctions aimed at curbing oil exports and related revenues. However, Iran's oil exports have increased during Joe Biden's presidency. According to the data monitoring institute 'Kpler', Iran's crude oil exports exceeded 1.5 million barrels per day in May, the highest monthly rate since 2018. Iran's oil production in 2018, before the U.S. exited the nuclear deal, was around 2.5 million barrels per day. In May, Iran announced that it had increased its oil production to over 3 million barrels per day. According to figures from the Organization of the Petroleum Exporting Countries (OPEC), this amount represents about 3% of global supply and is the highest level since 2018. A knowledgeable source told Reuters earlier this month that production is still at this level. The International Energy Agency also reported Iran's oil production in May to be close to 3 million barrels per day, which is near the figure officially stated by the Islamic Republic. The increase in Iran's oil exports occurs while OPEC+ - which includes OPEC, Russia, and other allies - is reducing its production to support the oil market. The anticipated decrease in demand due to economic weakness has led to falling prices in global markets. Sara Vakhshouri, founder and president of the energy consulting firm 'SVB' in Washington, commented on the increase in Iran's oil exports despite sanctions, saying, 'Sanctions exist, but they may not be fully enforced or monitored.' She emphasized that 'this volume of oil supply occurs in the black market, which lacks transparency and therefore is not reflected in official global supply and export data.' According to analysts and shipping data, China is the largest customer of Iranian oil, with some also going to Syria and Venezuela. The report utilized information from Reuters.