The Strategist

Iranian oil exports rise to record highs in recent years

01/16/2023 - 08:25

Several consulting firms calculated that Iran's oil shipments in November and December 2022 were the greatest in years.

Blondinrikard Fröberg
Blondinrikard Fröberg
Iran exported 1.095 million barrels per day (bpd) in total in November, and that number increased to 1.137 million in December, according to Reuters, which cited statistics from energy consultancy SVB International. Iranian shipments were pegged at 1.23 million bpd in November and around 1 million in December, according to Kpler. Another research firm, Petro-Logistics, reports that Iranian exports have recently risen to a record level since March 2019. Iranian oil export statistics are not publicly available.

Iranian oil exports decreased after the United States exited the nuclear agreement and placed sanctions on Iran in 2018. Due to this, exports fell from 2.5 million barrels per day in 2018 to as low as 100,000 barrels on occasion in 2020.

The administration of American President Joe Biden, who sought to reopen talks on the nuclear agreement, has less influence over the sanctions regime relating to Iranian oil, according to experts. "There is now no significant harassment or action against Iranian oil exports, in contrast to the Trump administration. Exports were just as strong in January," says Sara Vakhshouri, president of SVB.