Iran Skirts US Sanctions, Doubles Oil Sales
In a bold move defying US sanctions, Iran’s Deputy Oil Minister Morteza Shahmirzaei announced on Saturday that the country has doubled its oil sales and is sending oil tankers to extraterritorial refineries in countries like Venezuela “right before the U.S. warships’ eyes.” Shahmirzaei, who also serves as the CEO of Iran’s National Petrochemical Company, discussed the success of Iran’s strategy to sidestep sanctions impacting its oil sector.
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Iranian Oil Minister Javad Owji also indicated that despite US sanctions, Iran’s daily exports of oil and gas condensates are increasing. The United States reimposed sanctions on Iran in 2018 after withdrawing from the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action. These sanctions have primarily targeted Iran’s lucrative oil and banking sectors.
To counter the sanctions, Iran has adopted a strategy over the past two years to invest in underutilized refineries in countries like Venezuela, Nicaragua, Syria, and Uzbekistan. In 2022, Iran became a shareholder in two Venezuelan refineries with a total refining capacity of 141,000 barrels per day.
