Iran's oil exports amounts to nearly $36 billion in year: official

Shafaq News/ Iran's oil exports reached $35.8 billion in the 12 months to end-March 2024, Iran's head of Customs Mohammad Rezvanifar said on Tuesday according to the Iranian Labour News Agency.

Despite the reimposition of U.S. sanctions on Tehran in 2018, Chinese purchases of Iranian oil have allowed the country to maintain a positive trade balance.

Without oil exports, Iran would have registered a $16.8 billion trade deficit, Rezvanifar said.

He added that total trade registered a 2.6% year-on-year increase, reaching a value of $153 billion, of which $86.8 billion was Iranian exports.

Earlier, Iranian Oil Minister Javad Oji revealed that the nation's combined oil and gas exports amounted to $50 billion between March 19, 2023 to March 18, 2024.

Oil prices rose on Tuesday, underpinned by signs that demand may improve China and the U.S., the world's biggest oil consuming nations, and growing concerns of a widening conflict in the Middle East that could affect supply from region.

Brent futures for June delivery rose 41 cents to $87.83 a barrel by 0440 GMT. U.S. West Texas Intermediate (WTI) crude futures for May rose 41 cents to $84.12 a barrel, after reaching its highest close since Oct. 27 in the previous session.

Manufacturing activity in March in China expanded for the first time in six months and in the U.S. for the first time in 1-1/2 years, which should translate to rising oil demand this year. China is the world's largest crude importer and second-largest consumer while the U.S. is the biggest consumer.

In the Middle East, an Israeli strike on Iran's consulate in Syria killed seven military advisors, among them three senior commanders. A widening of the conflict that has stretched for nearly half a year to include Israel directly fighting Iran has sparked concerns about impacts on oil supply.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will hold an online meeting of its Joint Ministerial Monitoring Committee on Wednesday to review the market and members' implementation of output cuts. Members are expected to uphold their current supply policy calling for voluntary output cuts of 2.2 million barrels per day (bpd) to the end of the second quarter.