Iran Crude Exports Rising, Despite Sanctions

From Tehran Times

Despite Western sanctions there has been an increase of approximately 70,000 barrels per day (bpd) of Iranian oil exports.

The October insurance news out of Iran has shown that even though the American and European Union sanctions are still in place against covering oil exports from Iran, their exports still increased by about 70,000 barrels per day, reaching 2.7 million bpd that month.

This shows that the Western bans are not having the intended impact on the country.

Over the two previous months, the Iranian crude exports spiked to 1.3 million bpd from having been resting at 1 million bpd before that. This illustrated the difference it made when South Korea and China increased their purchases from that country. The monthly energy report from the International Energy Agency (IEA) stated that “China and South Korea appear to account for the lion’s share of the increase in Iranian imports.”

It means that Iran likely brought in about $900 million more in October.

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