Iran Oil Exports Hit Highest Level since Reimposition of US Sanctions: Minister

Iran's oil exports have reached their highest level since the reimposition of U.S. sanctions in 2018, the country's Oil Minister Javad Owji said on Sunday, according to the semi-official Tasnim news agency.

Following the United States' exit from a 2015 nuclear deal and its reimposition of sanctions on Tehran in 2018, Iranian oil exports and revenues have taken a significant hit as few countries - with the notable exception of China - continue to purchase Iranian crude.

The oil minister said that 83 million more oil barrels in the current year starting 21st March 2022 were exported compared to that in the previous Iranian year running March 2021-2022.

This represents 190 million more barrels than that in two years prior according to Owji that led to the injection of US$14 billion to NIMA market, who added that gas exports increased by 15% worth US$6.5 billion in March 2022-23 compared to that of the previous Iranian year.

The United States on Thursday imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran's access to the global financial system, describing them as a "shadow banking" network that moves billions of dollars.

Brian O'Toole, a former Treasury Department official, said Thursday's action would put a dent in Iran's ability to keep moving oil and get paid for it. - Reuters, Tasnim