The Japanese Nikkei daily newspaper has appreciated the major rise in Iran’s oil exports in 2023.
Nikkei, which is the world's largest financial newspaper, said in a report that Iran’s oil exports have witnessed a 50% growth in 2023 to hit 1.3 million barrels per day (bpd).
Iran’s oil exports have mostly been destined for China, according to the report.
It cited figures by the International Energy Agency (IEA) which put Iran’s oil output at 2.99 million bpd in 2023, up 440,000 bpd from figures reported in 2022.
China's rapid demand has encouraged Iran to increase production.
Data intelligence firm Kpler says a roughly 90% of Iran’s oil exports are going to China.