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* Russia-Ukraine war
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IRAN’S PRESIDENT SAYS OIL EXPORTS HAVE DOUBLED SINCE AUGUST

May 9, 2022

1 of 4
In this photo released by the official website of the office of the Iranian
Presidency, President Ebrahim Raisi speaks in a live interview with state-run
TV, at the presidency office in Tehran, Iran, Monday, May 9, 2022. Raisi said
the country is exporting twice as much oil as when he took office in August,
despite heavy sanctions on oil exports imposed by the U.S. (Iranian Presidency
Office via AP)

TEHRAN, Iran (AP) — Iran’s president said Monday the country is exporting twice
as much oil as when he took office in August, despite heavy sanctions on oil
exports imposed by the U.S.

Ebrahim Raisi made the claim in a live interview on state-run TV without
elaborating, including on the amount of oil being exported.

“Oil sales have doubled,” he said. “We are not worried about oil sales.”

Raisi’s remarks came as international markets are seeking alternatives to
Russian crude following Moscow’s invasion of Ukraine and ensuing Western
sanctions. Iran’s crude, with a similar composition to Russia’s grade, compete
in the oil market.

As a result of the war and supply concerns, oil prices have surged to multi-year
highs. International benchmark Brent crude nearly touched $140 in March,
increasing the challenge of enforcing sanctions. Brent was trading over $105 a
barrel on Monday.

The oil windfall has been a boon to Iran’s public finances. Iran says it’s now
selling billions of dollars more crude than previously despite the American
sanctions.

The Central Bank of Iran issued statistics at the start of February suggesting
it made $18.6 billion in oil sales in the first half of this Persian year, as
opposed to $8.5 billion the same period last year, according to the state-run
IRAN newspaper. Much of that oil is believed to be heading to China. Venezuela
also has received Iranian tankers at its ports.

RUSSIA-UKRAINE WAR

LIVE UPDATES | BELARUS SENDING TROOPS TO UKRAINE BORDER

WORRY ABOUT STAGFLATION, A FLASHBACK TO '70S, BEGINS TO GROW

RUSSIA SLAMS SANCTIONS, SEEKS TO BLAME WEST FOR FOOD CRISIS

WEST MULLS HAVING RUSSIAN OLIGARCHS BUY WAY OUT OF SANCTIONS

Javad Owji, Iran’s oil minister, told local media in April that the country’s
oil exports had surged by 40% since Raisi took office.

Four years ago, then-President Donald Trump withdrew America from Iran’s 2015
nuclear deal with world powers and imposed sweeping sanctions on Iran, including
against its oil sector — the lifeline of its economy. Iran’s crude exports
plummeted and international oil companies scrapped deals with Tehran, weakening
its economy.

The nuclear deal saw Tehran drastically limit its enrichment of uranium in
exchange for the lifting of economic sanctions — including those targeting its
crucial oil sales.

Negotiations in Vienna on restoring the tattered deal nearly reached completion
in early March but talks stalled. Negotiators have yet to reconvene in the
Austrian capital. The European Union’s coordinator for the talks is expected in
Tehran later this week in a last-ditch effort to break the deadlock.

Iran has made the sanctions-hit oil industry a core issue in the negotiations
with the aim of reaching the point where Iranian oil is sold easily and without
any barriers.

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