Page 6 - MEOG Week 07 2022

MEOG PIPELINES & TRANSPORT MEOG

Iranian oil exports hit three-year high

IRAN TANKER tracking companies have assessed that Iran’s crude exports jumped in December to
Iranian oil exports have risen to more than 1mn more than 1mn bpd, but dropped to around
barrels per day (bpd) for the first time in almost 700,000 bpd in January.
three years. A senior trade source was quoted by Reuters
Strictly speaking, the US still has a sanctions as saying on February 10 that January volumes
policy in place that aims to drive Iran’s crude dropped by about 300,000 bpd from December
shipments to zero, but since Joe Biden took over and added that the volumes fluctuate because
from Donald Trump as US president a year ago, there was a shortage of ships.
Washington’s enforcement of the policy has The news agency also reported that SVB
eased considerably and Iranian oil consignments International, another consulting firm that
– especially to China – have picked up substan- tracks Iranian oil supply, also noted an increase
tially, even though almost all such trade is kept in Iranian crude exports to more than 1mn bpd,
within the grey market. although it registered the increase in January
The Biden administration may have relented rather than December.
on sanctions enforcement to create a better “I don’t think it can go much higher without
atmosphere in which the ongoing Vienna talks a waiver [from the US],” Sara Vakhshouri, presi-
might find their way to success in reaching an dent of SVB, was reported as saying.
agreement on reviving the 2015 Joint Compre- Iranian government spokesman Ali Bahadori
hensive Plan of Action (JCPOA), between Iran Jahromi responded to the growing exports of oil
and six major powers. from Iran by saying on Twitter that it provided
If the JCPOA is relaunched with full Iranian evidence that the Trump-formulated “maximum
and US participation, the US would lift heavy pressure” campaign against Iran was a failure.
sanctions on Tehran in return for Iran’s adher- “The acknowledgment by the Western media
ence to verifiable curbs designed to ensure its of Iran’s record oil exports over the past three
nuclear development programme stays entirely years is another sign of the failure of maximum
civilian. pressure on the Iranian people,” he said.
Iran’s oil exports in 2018 prior to the sanc- The spokesman said that “a consistent foreign
tions-targeting of the country’s crude by Trump policy, without relying on [the] Vienna [talks]
were reaching around 2.5mn bpd. and New York, has made the sanctions ineffec-
Consulting firm Petro-Logistics, which tive and neutralised.” “The Iranian people have
tracks oil flows, said at the end of last week that won this battle,” he added.™

P6 www. NEWSBASE .com Week 07 16•February•2022