Iran oil exports hit 6-year high as west prepares sanctions

Iran is exporting more oil than at any time for the past six years, giving its economy a $35 billion-a-year boost even as Western countries discuss stepping up sanctions in response to its attack on Israel, Report informs referring to the Financial Times.

Tehran sold an average of 1.56mn barrels a day during the first three months of the year, almost all of it to China and its highest level since the third quarter of 2018, according to data company Vortexa.

Iran’s success in exporting its crude underscores the difficulties facing the US and the EU as they seek to build up pressure on Tehran following its missile and drone attack on Israel.

“The Iranians have mastered the art of sanctions circumvention,” said Fernando Ferreira, head of the geopolitical risk service at the Rapidan Energy Group in the US. “If the Biden administration is really going to have an impact, it has to shift the focus to China.”