A report released by the US Energy Information Administration (EIA) on Monday, October 9, identified Singapore as one of several ports involved in the export and sale of Iranian petroleum products. The report also pointed to other Asian ports, including those in Malaysia, Taiwan, Thailand, South Korea, and China.
The Report on Iranian Petroleum and Petroleum Product Exports named various companies and vessels linked to the trade of Iranian oil. These include Vitol, East Asia General Trading, ENOC, Max Energy, MRPL, Naftiran Intertrade Company Limited, and Voliton.
According to the findings, Iran earned between USD 53 billion and USD 54 billion from its petroleum exports in 2022 and 2023. This marks a significant rise compared to USD 37 billion in 2021 and USD 16 billion in 2020.
The report was prepared by the EIA to comply with the Stop Harbouring Iranian Petroleum Act (SHIP Act), which was enacted on April 24, 2024. The SHIP Act mandates the EIA to submit a report on Iran’s growing petroleum exports within 120 days of the act’s enactment and annually thereafter to relevant US congressional committees.
The SHIP Act outlines 11 specific elements that must be included in the report. These include details on Iran’s petroleum exports, labelling practices for these products, and the companies, vessels, and ports involved in the trade.
However, the EIA noted that due to challenges with data transparency and availability, much of the information presented in the report is based on estimates rather than concrete data.
In November 2018, the US reinstated all sanctions that had been lifted under the 2015 Iran nuclear agreement. After a temporary waiver expired in May 2019, Iran faced full sanctions on its oil exports.
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