Iran finds more export custom

As Iran ramps up output, it is beginning to turn the tide on exports too

Iran has shown the first tangible signs that it is successfully countering efforts to prevent it from exporting oil, following a frank admission by the country’s oil minister that it is indeed concealing the origin of its crude shipments. International crude sales play a vital role in Iran’s economy, which has gone into freefall as the US’ sanctions noose tightens. Despite Tehran’s best efforts to diversify its economy, including major investments in the downstream sector, GDP contracted by 7.6pc between April and December 2019 largely because of a 37pc decline in the oil sector, according to the World Bank. While just 30pc of the country’s budget for the 2019/20 fiscal year was expected to