When former President Donald Trump withdrew from the Iran nuclear deal in 2018 and reimposed sanctions, critics decried the move as unnecessarily hawkish. Yet, an explosive new report by the Organization of the Petroleum Exporting Countries (OPEC) tells a compelling story.
Under the present US administration,
Iran has seen a significant surge in its oil export revenues, with figures
soaring to over $41 billion in 2023. The rise in Iran’s oil exports is striking
when compared to the mere $8 billion recorded in 2020, during the final year of
the Trump administration. According to OPEC data, Iran’s daily export volume of
crude oil, condensates, and petroleum products averaged about 1.73 million
barrels last year, which is a staggering two and a half times higher than when
Biden assumed office.
Traditionally, Iran systematically
diverts a portion of its oil revenues to the Islamic Revolutionary Guard Corps
(IRGC) and its regional terror proxies like Hezbollah and Hamas. However,
Iran’s Supreme Audit Court announced on Sunday that the country has fallen
short of its budgeted oil revenue targets by 26% despite increased exports.
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