Iran finds new buyers of its oil

Iran seems to have found new buyers of its crude oil as cargoes have been recently tracked to move to Oman and Bangladesh, Reuters reported on Friday, citing shipping sources and data.  

Iran’s oil production has been recently estimated to have hit its highest level since 2018, as Tehran looks to boost output and exports, and export revenues with these, despite the U.S. sanctions.

Earlier this year, tankers were sighted and tracked near ports in Bangladesh and Oman, per available shipping data quoted by Reuters.

Last month, Iran’s Petroleum Minister Javad Owji claimed that Tehran is currently exporting its oil to as many as 17 countries.

Iran’s crude oil production averaged 3.22 million barrels per day (bpd) in July, the monthly Reuters survey found last week. That level was the highest Iranian output tracked by Reuters surveys since 2018.

Petroleum Minister Owji said in July that Iran has managed to neutralize the effect of the U.S.-led Western sanctions on its gas condensate exports.

Iran has turned gas condensate – very light oil – into added value by exporting more of it, according to the Iranian minister.   

The outgoing administration has also managed to boost Iranian oil production by 60%, from 2.2 million bpd when it came into office in 2021, to 3.6 million bpd now, Owji went on to say.

Iran has also boosted its oil revenues to $28.4 billion annually, from $9 billion in 2020, according to the minister.

Tehran has boosted its oil exports in recent months, to six-year highs, various ship-tracking data have shown this year.

In the latest Iranian calendar year to March 19, 2024, the Islamic Republic raised its oil and gas production by 20% compared to the previous Iranian year, oil minister Owji said in May.

Iran plans to increase its crude oil output to 4 million bpd, the country’s Tasnim news agency reported in May, as cited by Reuters.