Iran says oil product exports hit record high despite U.S. sanctions

Trump abandoned the Iran nuclear deal in 2018 and imposed sanctions on the Iranian energy and banking sector

Has Iran Massively Underestimated Biden

Iran has achieved record high exports of petroleum products despite U.S. sanctions, Oil Minister Bijan Zanganeh said in televised remarks on Friday.

Zanganeh said former U.S. President Donald Trump and his secretary of state, Mike Pompeo, had “joined the dustbin of history, but we are alive and working with more hope to build the country”.

“The enemy and Trump wanted us to perish and die, our exports to reach zero,” he said.

“We set the highest record of exports in the history of the oil industry during the embargo period.”

Trump abandoned the Iran nuclear deal in 2018 and imposed sanctions on the Iranian energy and banking sector.

It is estimated that Iran exports less than 300,000 barrels of oil per day (bpd), compared with a peak of 2.8 million bpd in 2018.

U.S. President Joe Biden has said that if Iran resumed strict compliance with the nuclear agreement – under which it restrained its nuclear programme in return for relief from economic sanctions – the United States would too.

However, two of Biden’s top national security nominees said on Tuesday that the United States was a long way from making a decision to rejoin the deal.

Iran has significantly increased exports of petroleum products in recent years although oil products, like crude, fall under U.S. sanctions.

Unlike crude oil, where the ultimate buyer is a refinery, other products can find their way to potentially thousands of small-scale industrial or residential buyers, making them difficult to trace.

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.