Iran appears to have found new customers for its oil
Iran appears to have found new buyers for its crude as cargoes were recently tracked to move to Oman and Bangladesh, Reuters reported on Friday, citing sources and shipping data. If Bangladesh is likely to be an end user, Oman is a subsequent exporter.
Iranian oil production has reached its highest level since 2018, according to recent estimates, as Tehran seeks to boost production and exports and related revenues despite US sanctions.
Earlier this year, oil tankers were spotted and tracked near ports in Bangladesh and Oman, according to available shipping data cited by Reuters.
Last month, Iranian Oil Minister Javad Owji said that Tehran is currently exporting its oil to as many as 17 countries.
Iranian crude production averaged 3.22 million barrels per day (bpd) in July, according to Reuters monthly poll last week. This level was the highest in Iranian output tracked by Reuters polls since 2018.
Oil Minister Owji said in July that Iran had managed to neutralize the effect of US-led Western sanctions on its gas condensate exports.
According to the Iranian Minister, Iran has transformed gas condensate – very light oil – into added value by exporting a greater quantity.
The outgoing administration also managed to increase Iranian oil production by 60%, from 2.2 million bpd when it took office in 2021, to 3.6 million bpd now, Owji continued.
Iran also increased its oil revenue to $28.4 billion per year, from $9 billion in 2020, according to the Minister.
Tehran has boosted its oil exports in recent months, reaching six-year highs, multiple ship tracking data this year shows.
In the last Iranian calendar year until March 19, 2024, the Islamic Republic increased oil and gas production by 20% compared to the previous Iranian year, Oil Minister Owji said in May.
Iran plans to increase its crude production to 4 million bpd , the country's Tasnim news agency reported in May, as cited by Reuters.
These exports, which then mean financial revenues, are very important for Iran because they provide financial resources necessary to maintain a certain degree of consensus among the population who, in the last elections, preferred more moderate elements of the regime.
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/liran-sembra-aver-trovato-nuovi-clienti-per-il-proprio-petrolio/ on Sat, 10 Aug 2024 07:00:05 +0000.