Iran has become the fourth largest oil exporter, accounting for 9% of OPEC’s total crude oil and gas condensate exports, according to IRNA news agency.

Iran exported 1.56 million barrels of oil per day (mmbbl/d) from January to May of this year, 250,000 bbl/d more than Kuwait and Nigeria. This has elevated Iran’s ranking to the fourth spot among OPEC’s largest crude oil exporters.

This rise counts as Iran’s highest level since 2018, when the US withdrew from the Iran nuclear deal and introduced tough economic sanctions against the country, targeting its oil sales.

According to Vortexa report, the rise in Chinese oil demand and the expansion of Iran’s oil tanker fleet were the main factors contributing to the surge in Iran’s oil exports.