Economic data suggests it topped 1.5 million barrels a day in May, the highest monthly rate since 2018, despite US sanctions.
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Iran’s oil exports are at their highest level in five years
The Iran’s crude oil exports peaked in 2023for the surpassing the rate of 1.5 million barrels per day last Maydespite the sanctions imposed by the US.
Iran announced an increase to more than 3 million barrels per day in the coming months, accounting for about 3 percent of global supply.
According to the Organization of the Petroleum Exporting Countries (OPEC), the May rate is the highest since 2018.
This growth comes at a time when OPEC+ members (including Russia and other allies) have agreed to throttle production at will to balance the international market.
The restriction will last from June this year until 2024, but Iran is not committed to any cuts as there are exceptions alongside Venezuela and Libya.
China is Islamic State’s largest customer, and Syria and Venezuela also buy large quantities of Iranian crude oil.