TEHRAN - Iranian oil exports have risen to more than one million barrels per day (bpd) for the first time in almost three years as diplomats from Iran and world powers have reconvened in Vienna to seek a deal reviving Tehran's 2015 nuclear deal, Reuters reported, citing Consulting firm Petro-Logistics.

Iran’s crude oil exports reached the mentioned figure in December 2021, however, the shipments have once again settled at 700,000 bpd in January 2021.

Furthermore, SVB International, another consulting firm that tracks Iranian oil supply, also noted an increase in Iranian crude exports to more than 1 million bpd, although it registered the increase in January rather than December 2021.

Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.

Iran managed to increase oil exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts.

The Islamic Republic has kept exports flowing despite sanctions as intermediaries find ways to send shipments to various destinations. Tanker tracking companies say China is the destination of most of those shipments.

President Joe Biden's administration has discussed the imports with China but has not imposed sanctions on Chinese individuals and companies. Beijing has urged the United States to lift the sanctions on Iran, which China opposes.

The report added that if the Vienna talks are successful in removing the sanctions, Iran could restart open oil sales.

The increase in Iranian exports comes as tight global supply has helped to push oil prices to a seven-year high of $94 a barrel. A lifting of U.S. sanctions would allow Iran to start bringing crude exports back toward 2.5 million bpd, a rate last seen in 2018.

China's foreign ministry, in response to a question on China's Iranian oil imports, said: "The international community, including China, has been conducting normal cooperation with Iran under the global legal framework, which are both reasonable and legitimate."

EF/MG