Iran Exports 80 Million Barrels as U.S. Blockade Returns

Iran exported more than 80 million barrels of crude oil and refined petroleum products over a four-week period, totaling approximately $6 billion in shipments. This surge in activity coincided with the United States Navy reinstating a blockade of Iranian ports more than a month ahead of schedule. TankerTrackers reports that 30 million barrels of Iranian crude currently await departure, with an additional 60 million barrels of floating storage capacity available within the blockade perimeter if production is reduced.

Petroleum Minister Mohsen Paknejad stated on Tuesday that oil exports continue without interruption despite the United States Department of the Treasury revoking a 60-day sanctions waiver last week. Paknejad accused the U.S. of violating Article 10 of a memorandum of understanding and claimed that the ministry's established structures have neutralized the impact of sanctions.

The U.S. Treasury's decision to end the temporary exemption followed increased tensions and attacks on oil tankers in the Strait of Hormuz. Iran continues to maintain shipping restrictions in the waterway, which Iranian media attributes to U.S.-Israeli aggression that began in late February.