Iran Pivots Oil Exports to New Markets Amid Sanctions

Iran has sent shipments of crude oil to new destinations, including Bangladesh and Oman, as it seeks to maintain high production levels despite U.S. sanctions. The country, exempt from OPEC output quotas, aims to maximize oil production and export. Tehran is also delivering to Syria and China, re-branding oil from other origins.

Iran has diversified its crude oil export destinations, recently sending shipments to Bangladesh and Oman, shipping sources and data reveal. This move underscores Tehran's strategy to maintain production levels near a five-year high.

Oil sales, Iran's primary revenue source, are navigating U.S. sanctions reinstated by former President Donald Trump in 2018 due to Tehran's nuclear program. Iran, exempt from OPEC output quotas, is endeavoring to maximize oil production and exports.

According to Iran's Oil Minister Javad Owji, Iran sold crude to 17 countries, including European nations, although details are yet to be substantiated. Ship tracking data confirms deliveries to Bangladesh and oil transfers in Syria. Iran's exports hit a peak of 1.5 million barrels per day earlier this year, including significant shipments to China.

(With inputs from agencies.)