According to the ASB data, petrodollars Iran earned from its exports in the previous year neared $42.6 billion, while crude sales in 2021 fetched the country $25.5 billion.

Iranian oil exports hit new highs in 2022 despite sanctions reimposed by the U.S. with the aim of reducing its sales to zero in 2018, when former president Donald Trump exited a 2015 nuclear deal.

Earlier, Kpler, a provider of flows data, reported that Iranian crude exports exceeded 1.5 million barrels per day (bpd) in May, the highest monthly rate since 2018. They were around 2.5 million bpd in 2018, before the U.S. withdrawal from the nuclear deal.

Iran said in May it has boosted its crude output to above 3 million bpd. That's about 3% of global supply and would be the highest since 2018, according to the OPEC figures.

The International Energy Agency also put Iran's May production at 2.87 million bpd, close to Iran's official figure.

The rise from Iran comes as OPEC+, which includes OPEC, Russia and other allies, has cut output to support the oil market.

Owji remarks

Last month, Iran’s oil minister said his country’s oil products and exports have climbed in spite of “harsher” sanctions.

Javad Owji added promotion of energy diplomacy and relations with Asian, African, and Latin American countries has helped Iran create new markets for selling its oil.

The minister quoted President Seyyed Ebrahim Raeisi as saying that Iran’s oil exports rose to 1.9 million barrels per day (bpd) in May.

Owji said international institutes that monitor the countries’ oil exports have reported the hike in Iran’s output and exports.