Iran says it exports 700,000 bpd of oil as Trump tries to stiffen sanction

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Iran says it exports 700,000 bpd of oil as Trump tries to stiffen sanction

On Wednesday, a top official of Iranian Government said to the country’s semi-official press agency, Fars News Agency, that the US sanction-hit resource-rich Gulf country had exported an average of 700,000 barrels of oils per day or roughly 1 per cent of the world’s entire crude production since March 20, when fiscal year usually begins in Iran, suggesting that the departing Trump Administration’s “maximum pressure” policy into Iran’s economic spinal column, its oil sector, had barely made impacts.

In point of fact, latest remark from the top Iranian official came against the backdrop of a departing Trump Administration which has been working out ways to add a number of additional layer of sanctions into the country’s oil import, as the newly elected US President Joe Biden would more likely to soften United States’ stance on Iran issue.

On top of that, Biden was also quoted saying during his electoral campaign that he would return to the nuclear pact that Trump Administration left in the 2018s, if Iran compliances with the output, spurring up worries of supply glut among the 14-member OPEC nations alongside its allies.

Iran exports roughly 700,000 bpd of oil this year, says official

Besides, the Deputy Head of the Budget and Planning organization, Hamid Pourmohammadi, said in an interview with Fars News Agency, “The average oil sales so far this (Iranian) year have been 600,000 to 700,000 barrels per day,” nonetheless, the official had declined to provide further details on the figures and even had withdrawn his remarks later part of the day since no Iranian official was allowed to reveal an exact oil sales figure since the country was trying to skirt the US sanctions.

Nonetheless, oil tanker data revealed that Iranian oil exports grew exponentially since September this year and remained between 400,000 to 1.5 million barrels of oil per day. Iran’s oil exports fell sharply from more than 2.5 million bpd in 2018 after United States had whimsically withdrawn itself from Tehran’s 2015 nuclear deal with other six global superpower citing Iran’s incompliance with the law in a bid to ramp up its regional influence, which in effect would have hurt its Gulf allies likes of Saudi and UAE.