Iran oil exports hit five-year record – monitor
QAMISHLI, Syria (North Press) – Iran’s oil exports have hit a five-year high, Business Recorder, a financial daily, reports. The country’s exports had been curbed following the US 2018 exit of a nuclear deal signed in 2015.
According to the news site, Iranian oil exports reached 1.5 million barrels/day (bpd) in May. This is the highest rate since 2018, when oil flowed out at 2.5 million bdp.
Iran also upped its oil production from an average of 2.4 million bpd in 2021 to 3 million in May of this year. According to Reuters, Iran continues to produce oil at this level. The International Energy Agency put Iran’s May output at 2.87 million bpd, close to the government’s figure.
Though the country’s oil sector is sanctioned by Washington, Tehran has found ways around it. Observers also blame not fully-implemented sanctions.
Iran is China’s largest oil provider. It also ships oil to Syria and Venezuela.