• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 13 hours Oil prices going Up? NO!
  • 5 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 2 days Could Venezuela become a net oil importer?
  • 13 mins Kenya Eyes 200+ Oil Wells
  • 4 hours The Tony Seba report
  • 1 day Oil prices going down
  • 2 days Oil Buyers Club
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Saudi Arabia turns to solar
  • 2 days Gazprom Exports to EU Hit Record
  • 21 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 14 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
U.S.-China Trade War Will Hurt Shale Drillers

U.S.-China Trade War Will Hurt Shale Drillers

The latest escalation in the…

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