Despite extensive U.S. sanctions, Iran's oil exports remain robust due to China's demand, Tehran's evasion tactics, and Washington's reluctance to strictly enforce restrictions.
Iran is one of the most sanctioned countries in the world. But restrictions imposed by the United States have largely failed to stymie Iran 's oil exports , the backbone of its flailing economy.U.S. sanctions have cut off Iran from most of its traditional customers, forcing Tehran to find new buyers and sell its oil at discounted prices.
'Even at heavy discounts, selling Iranian oil is extremely profitable and sustainable,' said Steve Hanke, a professor of applied economics at Johns Hopkins University. 'That’s because the marginal cost of production in Iran is roughly $15 or less per barrel.'Gregory Brew, an Iran and energy analyst at the U.S.-based Eurasia Group, says U.S. sanctions were once effective at blocking oil exports to China, but that is no longer the case.
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