BAKU, Azerbaijan, May 18. Iran has found new markets and customers to sell its crude oil, Iranian Oil Minister Javad Owji told reporters, Trend reports citing IRNA.
He made the remark on the sidelines of a meeting of Cabinet of Iran on May 18. Owji noted that Iran currently has customers around the globe and sells its crude for good price.
In January 2016, Joint Comprehensive Plan of Action (JCPOA) was launched between Iran and the P5+1 group (US, Russia, China, UK, France, and Germany) in connection with Iran's nuclear program. The deal was in force as of the beginning of 2017.
As a result of the deal, Iran's crude oil exports amounted to 2.3 million barrels per day. Meanwhile, in May 2018, the US announced its withdrawal from the deal and imposed sanctions on Iran in November of the same year. As a result of the sanctions, Iran's crude oil exports fell to about 400,000 barrels per day.
Reportedly, Iran's crude oil exports have recently exceeded 1 million barrels per day.
According to some Iranian officials, Iran has increased crude oil exports by 40 percent, as well as gas condensate exports by 2.5 times, over the last six months of the last Iranian year (September 23, 2021 through March 20, 2022), compared to the same period of the preceding Iranian year.
When asked about the increase or decrease in sales of Russian crude oil, Owji said that Russia has provided many discounts to oil buyers. Whereas, given the sanctions imposed on Russia by Western countries, it will take time for Russia to find a customer.
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