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Iran state revenues from the sale of crude oil last year reached $42.6 billion, which was higher than what Iran made from oil sales in the first year of the nuclear deal.
The figure was reported by the Tasnim news agency, which also cited Kpler data showing that Iran exported crude at a rate of 1.4 million barrels daily at the end of 2022. It was this increase in daily export rates combined with higher prices that made for higher revenues.
The 2022 oil export figure is a significant improvement on export numbers for 2021: in that year, Iran’s revenues were just $25.5 billion, according to OPEC data, cited by Iranian media.
The nuclear deal, officially known as the Joint Comprehensive Plan of Action, led to the lifting of Western sanctions imposed on Tehran for its nuclear power program. When Donald Trump became U.S. president, however, he reimposed U.S. sanctions, targeting specifically the country’s oil industry.
Despite these sanctions—and the continued failure of the two sides to negotiate a new deal—Iran has been exporting quite a lot of oil, most of it to China. Despite threats from Washington that there will be consequences, these have been slow in coming, allowing China to stock up on discount oil and Iran to find foreign markets for its crude.
Meanwhile, exports have continued to rise this year as well. In May, the daily average hit 1.5 million bpd. This was the highest since 2018, with Iran’s oil production also growing, topping 3 million barrels daily during the same month.
The average export rate for both May and June was even higher, at 1.6 million bpd, according to cargo-tracking data cited by the Wall Street Journal. That was a twofold increase on the same months of last year and another six-year high.
By Irina Slav for Oilprice.com
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.