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Weapons of Mass Destruction (WMD)

Iran's oil exports to China increases

ISNA - Iranian Students' News Agency

Sat / 16 April 2022 / 15:48

Tehran (ISNA) - The Islamic Republic of Iran has exported 337 million barrels of oil to China since the start of 2021 and the price of each barrel increased from 56 dollars to 97 dollars during this period, so the average oil price shows Tehran has not sold oil in cheap price.

An American media published a report in recent days on the amount of Iran's oil export to China as well as Tehran's income of the trade since the beginning of 2021 up to now.

According to the American media outlet, the Islamic Republic has earning 22 billion dollars through export of more than 337 million barrels of oil to China since the end of the Trump administration.

The report added that Iran exported an average of 829,360 bpd of oil to China in the first three months of 2022, indicating that Iran's export stands at 74,633 million barrels until end of March 2022, while this number stood at 263 million barrels in the whole year of 2021.

Thus, around 21% of Iran's oil export to China from the start of 2021 up to now occurred in the first season of 2022.

The oil export surge happened in a situation that some people claim that the growth of export was an outcome of Iranians' discount to Chinese oil purchasers, but a look at OPEC reports shows that Iran's average oil price stood at around 60 dollars per barrel in 2021 while the price jumped to about 97.5 in the first season of 2022.

Given the surge of oil price in the current year as well as increase of Iran's oil export to China, Tehran's income of oil export to Beijing stands at more than 7.3 billion dollars.

However, the Islamic Republic could earn totally 14.7 billion dollars of oil export to China. The volume of oil export was 263 million barrels, so the price of each barrel stands at 55.84 dollars.

Based on the statistics Iran did not sell its oil at a cheap price and has been successful in dodging US-led sanctions and persuading its biggest importer to continue purchasing oil from Iranians.

After President Ebrahim Raisi came to power and despite the fact that sanction policy did not change, Iran's oil export increased over 40 percent.

According to Iran's Oil Minister Javad Owji, his ministry has inked new contracts worth 16.5 billion dollars during his first seven months in charge, IRNA reported.

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