Iran: record oil exports despite US embargo

An Iranian flag near an oil rig in Soroush in the Gulf.

The country's oil exports hit a new record in November and December 2022. REUTERS / Raheb Homavandi

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Iranian oil exports broke a new record in November and December 2022. And this, despite Washington's sanctions against Tehran.

Among the biggest importers of Iranian oil is China.

It is the result of an economic partnership between the two countries implemented last year.

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According to oil market specialist

, total exports of Iranian crude stood at 1.23 million barrels per day in November 2022. This means that they have almost reached their 2019 levels. 

first partner

Beijing, which regularly denounces American sanctions, was already Tehran's leading economic and commercial partner and its biggest oil customer.

But falling Chinese demand due to the zero Covid-19 policy and competition from Russian crude have for some time threatened Iranian shipments.

The flow of Iranian tankers has since resumed.

Record imports

Among the recipient countries, Venezuela, where Iran refines its crude oil, but especially China.

To avoid problems with Washington, Iranian crude continues to enter China, officially as coming from other countries.

According to estimates, Chinese imports of Iranian black gold would have broken a record in December with 1.2 million barrels per day, an increase of 130% over one year.

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