Iran is exporting more oil than at any time for the past six years, giving its economy a $35bn-a-year boost, Financial Times said, citing figures by data company Vortexa.
The report said that Tehran sold an average of 1.56mn barrels a day during the first three months of 2024, almost all of it to China and its highest level since the third quarter of 2018.
Iran’s success in exporting its crude underscores the difficulties facing the US and the EU as they seek to build up pressure on Tehran following its missile and drone attack on Israel, Financial Times said.
“The Iranians have mastered the art of sanctions circumvention,” said Fernando Ferreira, head of geopolitical risk service at the Rapidan Energy Group in the US.
Iran’s oil minister Javad Owji said last month that oil exports had “generated more than $35bn” in the preceding year. On another occasion, he said that while Iran’s enemies wanted to stop its exports, “today, we can export oil anywhere we want, and with minimal discounts”.
