TEHRAN – National Iranian Oil Company (NIOC) has raised its official crude oil selling prices for Asian buyers in December, Shana reported citing the NIOC data.

As reported, the National Iranian Oil Company has set the prices of light, heavy and Foruzan crude grades for sale in April at $5.35, $1.85, and $1.95 above the Oman / Dubai average prices, respectively.

NIOC has priced its light, heavy, Forouzan, and Soroush crude grades below the Brent prices in northwestern Europe, West Asia, and South Africa.

Iran has been ramping up its oil production and exports over the past year as the country has been implementing new strategies to overcome U.S. sanctions.

The country’s oil revenues increased by eight times in the first five months of the current Iranian calendar year (March 21-August 22) with respect to the same period of the previous year, according to official statistics.

The Islamic Republic’s oil income also increased by 11 times in the previous year.

Iranian oil export in Q1 2022 increased significantly so that it registered the fastest growth rate among all producers in West Asia. This year, the volume of Iranian crude export reached its highest since former U.S. President Donald Trump withdrew from the so-called Iranian nuclear deal in 2018.

Back in September, Iran’s First Vice President Mohammad Mokhber said that the country is currently selling its oil in global markets and getting paid for it without any problems.

“In the past, we sold oil but couldn’t receive the revenues and our basic good supplies had all reached the red line but with the guidance of the Leader, we have been able to sell our oil, get paid, and bring in basic goods,” Mokhber said in a gathering of government officials.

EF/MA