Iranian oil exports have suffered a blow in May, sinking to 500,000 barrels a day or lower, amid the revival of the US sanctions against the Islamic republic. The International Energy Agency warned in its report issued this week that Iran’s oil production could slump in May to its record-low level since the 1980s.
Iran has rolled out a new strategy, finding new destinations for its oil exports in the wake of the sanctions which have been unilaterally reinstated by the United States, Maritime Affairs Deputy Director Hadi Haqshenas at Iran’s Ports and Maritime Organization told the Iranian Labour News Agency (ILNA).
Haqshenas added that despite the drop in the loading of oil and oil products compared to the past, the transport of oil from Iranian ports has never stopped.
READ MORE: Iran’s Oil Output to Fall to Record-Low Level in May — Intl Energy Agency Report
The senior maritime official provided no further details regarding the new tactics or destinations for the export of Iranian crude.
Following the 2018 US withdrawal from the Iranian nuclear deal, officially known as the Joint Cooperative Plan of Action on 8 May 2018, the Trump administration has told oil buyers around the world to cease doing business with Tehran by 1 May or face sanctions of their own.
Tehran, however, announced that it would continue to sell its oil, regardless of US pressure.
Exactly a year after the US pullout from the accord, US President Donald Trump signed an executive order imposing sanctions on Iran related to iron, steel, aluminium, and copper.
On the same day, Iran announced its decision to partially discontinue its 2015 nuclear commitments.