Iran’s oil exports hit new 5-year high, shipments 4th largest in OPEC
Iran’s oil exports have reached a new high in five years, data from an energy trade monitoring company show, as the country gradually regains its position as one of main oil suppliers in the Organization of the Petroleum Exporting Countries (OPEC).
Data cited from Vortexa in a Monday report by Iran’s IRNA news agency showed that the Iranian oil exports had reached 1.7 million barrels per day (bpd) in May, the highest on record since 2019 when Washington toughened its bans on the country’s oil trade.
The data showed that Iran had exported an average of 1.56 million bpd of oil in January-May to become OPEC’s fourth largest supplier above countries like Nigeria and Kuwait.
Iran’s oil exports accounted for 9% of OPEC’s total supply of oil and condensates over the five-month period, showed the figures.
The IRNA report, however, rejected statements raised during the ongoing presidential elections in Iran suggesting that the record increase in oil exports from the country was because the US had eased its sanctions to prevent shocks in the global oil markets.
The report said increased Iranian oil exports was mainly a result of increased output, higher demand from China and an expansion in the Iranian oil tankers fleet.
Iranian Oil Ministry estimates suggest oil production in the country will reach a record high of nearly 4 million bpd by the end of the current calendar year in March.
The figure will be even higher than what Iran used to pump before Washington imposed its sanctions in 2018 when the country’s total oil production was at around 3.9 million bpd.
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