US sanctions a failure: Iran ramps up oil exports

After taking office in August, Minister of Oil Javad Owji promised that "good things will happen in the field of selling Iranian oil in the coming months". Now some 100 days since the inauguration of the new administration, Iran has boosted its oil exports to the extent that credits Owji with having achieved his promise.

Owji ruffled some feathers when he said Iran was strongly determined to increase its oil exports "despite the illegal US sanctions", but the question raised then was: Would Iran overcome the sanctions regime and redeem its traditional title of a major oil producer?

When he attended a private meeting of the Iranian parliament's economic commission recently, the minister divulged that "our oil sales have improved a lot and we are using various domestic and foreign capabilities in this regard".

Owji then promised that Iran would also resume exports of its petroleum products, which were used to replenish domestic inventories, and raise its refining capacity by 1.4 million barrels per day.

According to Owji, good things have also happened with regard to oil and gas condensate exports. The recent "childish" incident in the Sea of Oman where US naval forces futilely tried to pirate an Iranian cargo was a reaction to Iran's achievements in increasing oil and gas condensate exports, he said.

At their discretion, Owji and other officials refrain from releasing details lest this would undermine their plans, but without a doubt, the improvement in oil sales is a positive pulse for Iran's strategic oil industry and the country's economy, the continuation of which can help improve various trends.

Gone are the days when the US, under then President Donald Trump, pledged to reduce Iran's oil exports to zero – a wish that has not been fulfilled to date.

ME