RT.com
16 Mar 2023, 12:26 GMT+10
Crude shipments from the Gulf country had dropped significantly in 2018 after Washington quit the nuclear deal and re-imposed sanctions
Iran's oil exports surged last year to their highest level since 2018, Iran's semi-official Tasnim news agency reported on Sunday, citing Oil Minister Javad Owji.
According to Owji, the country has exported 83 million more barrels of oil since the start of the Iranian year on March 21, 2022, than in the same period of the previous year. The official did not specify the exact amount of oil exports, but said they had reached the highest level since US sanctions were re-imposed some five years ago. Gas exports were also up by 15% compared to the previous Iranian year, Owji said.
Tehran's oil exports have been curtailed since 2018, when former US President Donald Trump exited a 2015 nuclear deal and re-imposed sanctions targeting Iran's oil, banking, and transportation sectors, aiming to slash Tehran's revenues. Exports subsequently dropped to as little as 100,000 barrels per day (bpd) at various times, from over 2.5 million bpd in 2018, according to tanker tracking data.
The nuclear deal envisioned curbing Iran's nuclear program in exchange for the relief from sanctions. Talks over reviving the deal have so far been stalled, as Washington is unhappy with Iran's alleged sale of drones to Russia and human rights abuses.
READ MORE: Russian oil shifts to Middle East - Reuters
Also, earlier this month the US imposed new sanctions on 11 firms and 20 affiliated shipping vessels that had allegedly facilitated Iranian exports of petroleum and petrochemical products in violation of US restrictions.
For more stories on economy & finance visit RT's business section
Get a daily dose of Iran Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iran Herald.
More InformationNEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
KHAN YOUNIS, Gaza Strip: Hisham al-Lahham is one of 580 premature babies in Gaza who may die from hunger, according to Gaza's Health...
Washington, DC [US], July 2 (ANI): India's External Affairs Minister S Jaishankar, US Secretary of State Marco Rubio, Japan's Minister...
Finance Minister Bezalel Smotrich has said he will oppose any agreements to end the fighting Israeli Finance Minister Bezalel Smotrich...
Finance Minister Bezalel Smotrich has said he will oppose any agreements to end the fighting ...
The conversation is the first phone call between the leaders since September 2022 Russian President Vladimir Putin and French President...