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Iran: Oil product exports hit record high despite US sanctions

Monday, 22 February 2021 | 13:00

Iran has achieved record high exports of petroleum products despite US sanctions, Oil Minister Bijan Zanganeh said in televised remarks.

Zanganeh said former US President Donald Trump and his secretary of state, Mike Pompeo, had “joined the dustbin of history, but we are alive and working with more hope to build the country.”

“The enemy and Trump wanted us to perish and die, our exports to reach zero,” he said.

“We set the highest record of exports in the history of the oil industry during the embargo period.”

Trump abandoned the Iran nuclear deal in 2018 and imposed sanctions on the Iranian energy and banking sector.

It is estimated that Iran exports less than 300,000 barrels of oil per day (bpd), compared with a peak of 2.8 million bpd in 2018.

US President Joe Biden has said that if Iran resumed strict compliance with the nuclear agreement — under which it restrained its nuclear program in return for relief from economic sanctions — the United States would too.

However, two of Biden’s top national security nominees said on Tuesday that the United States was a long way from making a decision to rejoin the deal.

Iran has significantly increased exports of petroleum products in recent years although oil products, like crude, fall under US sanctions.
Unlike crude oil, where the ultimate buyer is a refinery, other products can find their way to potentially thousands of small-scale industrial or residential buyers, making them difficult to trace.
Source: Reuters

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