Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.
Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.
"In comparison to the Trump administration, there hasn't been any serious crackdown or action against Iran's oil exports," said Sara Vakhshouri of SVB. "January exports were so far strong like previous months." "We have not and will not hesitate to take action against sanctions evaders, together with sanctions against Iran’s missile and drone trade, and human rights violations against the Iranian people," Watson said. The Treasury Departmentlate last year on an oil smuggling ring linked to Iran's Islamic Revolutionary Guards Corps .
is based on even higher shipments of 1.4 million bpd, the semi-official Fars news agency reported this week. "Most of these shipments found home in Shandong, where independent refiners have turned to discounted grades since the second half of 2022 amid sluggish domestic demand and depressed refining margins," the company said.
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