• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 3 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 9 mins Socialists want to exorcise the O&G demon by 2030
  • 21 hours Is Natural Gas Renewable? I say yes it is.
  • 2 hours Oceans "Under Fire" Of Plastic Trash
  • 6 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 4 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 23 hours Making Fun of EV Owners: ICE-ing Trend?
  • 22 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 13 hours Cheermongering about O&G in 2019
  • 13 hours North Sea Rocks Could Store Months Of Renewable Energy
  • 5 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day Orphan Wells

Breaking News:

Oil, Gas Industry Fears Skills Shortage

New Tech Converts CO2 Into Electricity And Hydrogen

New Tech Converts CO2 Into Electricity And Hydrogen

Carbon capture is nothing new,…

India’s Crude Demand Growth Shows No Sign Of Slowing

India’s Crude Demand Growth Shows No Sign Of Slowing

India remains the second biggest…

Iran Increases Oil Exports, Despite New US Sanctions

The US has upped their sanctions against Iran once again in their attempts to restrict Iran’s oil exports and the subsequent revenue that it provides the Persian country. Hopes are high that a final squeeze on the Iranian economy will encourage more serious negotiations at next month’s talks, to be held in Kazakhstan.

However the International Energy Agency (IEA) has just released a report that states that oil shipments leaving Iran actually increased by 13 percent last month, from 1.13 million barrels a day in January, to 1.28 million barrels a day in February.

Despite the reduced volume of oil exports leaving the country compared to the years before the sanctions where introduced, Iran has managed to stave off the worst of the economic pressure due to the high oil prices making up for the loss in volume sold.

Related article: China Set to Become the World’s Largest Oil Importer

The report stated that “the only thing clear is that the current stalemate between Iran and the West is unsustainable. Sooner or later, something has to give.”

One of the ways that Iran has been able to increase its oil exports is through the purchase of second-hand tankers, which it has been using to transport oil to China.

Having said that, Iranian exports are still down massively over the past couple of years: In 2011 they exported 2.5 million bpd, in 2012 1.5 million bpd, and so far this year they are down to 1.28 million bpd.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News