OPEC: Iran’s oil export revenues up 14% to nearly $47bn in 2024

Iran managed to significantly increase its oil export revenues last year, according to new OPEC data, which shows that US sanctions have failed to choke off the country’s lucrative oil business.

News ID: 2001634

The data by the Organization of the Petroleum Exporting Countries cited in a Saturday report by the Iranian Oil Ministry showed that Iran had exported more than $46.776 billion worth of crude oil in 2024, up by 13.62% from the year before.

The data showed that Iran had experienced the largest increase in oil export revenues last year compared to 11 other members of OPEC.

The rise came despite a fall in overall OPEC oil export revenue in 2024 as the bloc saw its earnings drop from $678 billion in 2023 to $652 billion last year, according to the same figures.

Saudi Arabia, the leading OPEC producer and the world’s largest oil exporter, reported a $24 billion fall in its oil exports as shipments reached $223 billion, the figures showed.

The data showed that Iran’s oil export revenues had nearly doubled in the three years to 2024

Iran has steadily increased its oil exports in recent years despite being subject to an unprecedented regime of US sanctions, which impose heavy penalties on buyers of Iranian oil.

Oil exports from the country have increased from historic lows of below 0.3 million barrels per day (bpd) reported in 2019 to records of more than 1.8 million bpd in recent months.

That comes as the US government has announced multiple rounds of sanctions on Iran’s oil exports and its foreign partners in recent months, with the stated aim of cutting the shipments to below 0.1 million bpd./isna