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Iran's oil exports hit 3-year high as nuclear talks resume

Since the re-imposition of the U.S. sanctions on Iran, a great amount of the country’s energy revenues was blocked in the target countries like South Korea and Iraq due to the restrictions imposed on the banking transactions with Iran

Iran's oil exports hit 3-year high as nuclear talks resume

Teheran, February 14 - Neftegaz.RU. Iranian oil exports have risen to more than 1 million barrels per day (bpd) for the 1st time in almost 3 years as diplomats from Iran and world powers have reconvened in Vienna to seek a deal reviving Tehran's 2015 nuclear deal, Reuters reported, citing Consulting firm Petro-Logistics.

Iran’s crude oil exports reached the mentioned figure in December 2021, however, the shipments have once again settled at 700,000 bpd in January 2021.

Furthermore, SVB International, another consulting firm that tracks Iranian oil supply, also noted an increase in Iranian crude exports to more than 1 million bpd, although it registered the increase in January rather than December 2021.

Tehran's oil exports have been limited since former U.S. President Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.

Iran managed to increase oil exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts.
The country has kept exports flowing despite sanctions as intermediaries find ways to send shipments to various destinations.
Tanker tracking companies say China is the destination of most of those shipments.

President Biden's administration has discussed the imports with China but has not imposed sanctions on Chinese individuals and companies.
Beijing has urged the U.S. to lift the sanctions on Iran, which China opposes.

The report added that if the Vienna talks are successful in removing the sanctions, Iran could restart open oil sales.

The increase in Iranian exports comes as tight global supply has helped to push oil prices to a 7-year high of $94 a barrel.
A lifting of U.S. sanctions would allow Iran to start bringing crude exports back toward 2.5 million bpd, a rate last seen in 2018.

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