Latest figures by the Organization of Petroleum Exporting Countries (OPEC) show Iranian oil prices rose by an average of $6.1 per barrel in August.
Iran’s exports of oil to China hit an all-time record in August despite continued US pressure on the country, according to a report published in the local media citing data from a major international energy data company.
Iran’s oil production and exports jumped in August despite the US sanctions, according to consultants and companies that track tanker shipments.
Chinese imports of sanctioned Iranian oil are running at the highest level in at least a decade as rising global prices make the discounted crude more attractive, according to a Bloomberg report citing figures by data intelligence firm Kpler.
Iran’s crude oil exports has already hit a target set in the country’s annual budget law despite US sanctions as authorities expect even higher sales could boost government finances and help finish major infrastructure projects.
The latest figures by the Energy Information Administration of the United States (EIA) indicate that Iran has exported some $19 billion of crude oil in the first five months of 2023.
OPEC Secretary General Haitham Al Ghais is scheduled to hold separate meetings with Iranian President Ebrahim Raisi and Oil Minister Javad owji in Tehran on Saturday to discuss the issues surrounding the global oil market.
Three member states of the European Union imported a total of 4,181 tons of crude oil or oil products from Iran in 2022, according to the statistical office of the European Union (Eurostat).
Iranian Oil Minister has said the country’s exports of crude oil have registered their highest level since 2018, after the US unilaterally withdrew from the 2015 Iran nuclear deal, and re-imposed sanctions against Tehran to curb the exports and the associated revenue to Iran.
Iranian Oil Minister Javad Owji says crude oil exports from the country will further increase in the upcoming months despite the growing pressure of the US sanctions on the Iranian energy sector.