Iran’s oil exports increased by 40% at height of sanctions: NIOC
The CEO of the National Iranian Oil Company (NIOC) says the country managed to increase its oil exports by 40 percent at the height of restrictive measures imposed by the United States to choke off Iran’s energy sales.
Mohsen Khojasteh Mehr announced that Iran’s crude oil production capacity has reached the pre-sanctions level of 3.838 million barrels per day (bpd), despite all the sanctions and economic pressure.
Over the past months, Iranian experts carried out more than 1,800 operational works and over 250 overhauls in oil wells, he said, adding that they also put about 13 new oil wells into the production phase.
Asked whether the surge in oil production capacity was due to the easing of US sanctions, Khojasteh Mehr replied that the figures had been achieved "at the height of the excessive restrictions."
“The Iranian nation has always achieved the greatest success in the most difficult conditions,” he said.
“We increased exports by 40 percent and exceeded our commitments regarding the value of exports in the annual budget at a time when not only the sanctions were not eased but we even faced a host of [new] restrictions that created disruptions for oil buyers, intermediaries, and maritime navigation systems,” he asserted.
The NIOC chief also said the company has identified new markets and is using modern methods in its contracts as well as a new logistics and transportation system.
He further noted that the country’s entire financial, monetary and banking network has been at work to ensure the reimbursement of payments.
The United States has maintained a harsh regime of sanctions since May 2018 against countries and entities who engage in petroleum trade with Iran. Washington said back then the bans were “intended to bring Iran’s oil exports to zero.”
In the past few years, however, oil sales started to rebound after Tehran came up with solutions to deliver crude cargoes to major customers in Asia, including to China.
The US sanctions were actually meant to force the Islamic Republic to abandon its legitimate nuclear and defense activities and came after the former US administration pulled out of the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).
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