BAKU, Azerbaijan, February 5. Iran's crude oil exports for the tenth month of the current Iranian year (from December 21, 2024, through January 19, 2025) set a record for the previous decade, Iranian Oil Minister Mohsen Paknejad told reporters following a Cabinet meeting in Tehran on February 5, Trend reports.
According to him, Iran is rolling up its sleeves to boost crude oil exports despite the heavy hand of sanctions.
The Iranian minister failed to disclose in what amounts and to which countries Iran exported crude oil during the ten months.
Paknejad noted that even though US President Donald Trump signed an order to maximize pressure on Iran, in parallel, the country's oil ministry has envisioned a range of steps to export crude oil.
“As long as sanctions remain in place, decisions will be made based on the current situation so that Iran can achieve its goals. Even if sanctions are lifted, a new strategy will still be developed depending on the circumstances. Anyway, the Ministry of Oil is ready for any conditions,” he noted.
The official stated that one of the biggest contracts in the history of Iranian oil will be signed in the coming days.
US President Donald Trump recently signed an executive order restoring maximum pressure on Iran. The US President stated that it is hoped that the maximum pressure will not be applied too often. He also remarked that he is ready for a negotiation with Iran's president.
Meanwhile, Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.
To note, the US imposed new sanctions on Iran in November 2018 over Iran's nuclear program, and since then, the sanctions have thrown a wrench in the works for Iranian oil exports, impacting over 700 banks, companies, and individuals in a big way.
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