Iran, a BRICS member, is looking for new countries to sell its oil to, thereby competing with the US. Iran’s oil production is now at its highest level since 2018, allowing the country to export the raw material to new countries. Despite US sanctions, Iran is looking to boost its economy through exports with the help of new countries.
The two new countries that have agreed to buy oil from Iran are not BRICS countries. With US sanctions on Iran, it is likely that trade will be possible in local currency.
BRICS: Iran finds two new countries where it can export oil and circumvent US sanctions
Bangladesh and Oman are the two new countries that will start buying oil from BRICS member Iran, Reuters reported. Iran’s crude oil production averaged 3.22 million barrels per day (bpd) as of July 2024. According to the data, this is the highest level of Iranian oil production in 2018 in the past six years.
Due to increasing demand, Iran is now looking to increase its production capacity to 4 million barrels per day. Thus, production capacity is expected to increase by almost 20% in the coming months. Iran’s oil revenues reached $28.4 billion annually, up from a low of $9 billion in 2020. Oil exports have soared since Iran joined the BRICS alliance shortly after the US sanctions.
Moreover, Oil Minister Javad Ouzi confirmed that Iran now exports oil to more than 17 countries. In a recent interview, he said the Islamic Republic has managed to neutralize US sanctions on oil and gas exports. Iran’s membership in BRICS has also given the country a boost, improving its prospects for attracting new oil buyers.