The Iranian Oil Ministry announced the country’s increased crude sales and prices last year helped the government cut the budget deficit and manage fluctuations in the foreign exchange market despite the US sanctions.

“Thanks to years of experience and expertise and also unique logistic potentials, Iran is present in traditional markets and meets the needs of its old customers, and at the same time is capable of being present in any geographic region of the global oil market,” the ministry said.

“Moreover, the increase in oil and condensate sales, along with the price hike in the last few months, has cut the heavy budget deficit of the (Iranian fiscal) year 2022-2023 and has given the government the leverage to manage the fluctuation in the foreign exchange market,” it added.

“Iran’s oil marketing strategy in the recent period has been active marketing. During this period, in addition to maintaining its share in the old markets, Iran has entered (new) markets that were previously unthinkable under the intensified restrictions,” the oil ministry clarified.

A recent report published by FNA shows that crude oil exports from the country have remained at levels above 1 million barrels per day (bpd) since the start of the calendar year in late March.

Iranian Vice-President and Head of the Planning and Budget Organization Massoud Mirkazzemi said in late June the country has increased oil exports amid the soaring crude prices.

The price of oil and its exports have increased and the situation of selling oil has improved, Mirkazzemi told reporters.

Iranian Oil Minister Javad Owji confirmed in mid-May Tehran was selling crude at a good price, adding that new markets have been found for exports.

Iran has its own customers in the oil market and continues selling oil at a good price, Owji continued, stating new markets have been identified.

Analysts believe US President Joe Biden and his Democratic Party will pay a political price in the midterm congressional election if they fail to remove Anti-Tehran sanctions and do not allow more Iranian crude to enter the international markets.