Based on the proposed budget for the year ending March 2023, Iran expects increased oil export profits in the coming fiscal year. The proposal includes oil export receipts that are a third more than those in a previous budget draught, according to Bloomberg, quoting Iranian outlet Tasnim. Exports are estimated to be worth roughly $115 billion.

Despite ongoing US sanctions, Iran’s oil exports remain on the upswing, according to the latest numbers. Iran has recently been exporting around 1 million bpd, according to data from cargo tracking companies, which is the highest rate since 2019. Iran shipped more than 1 million barrels per day of crude in December, according to Petro-Logistics figures. However, the January average was lower, at 700,000 bpd.

Despite the sanctions, the majority of Iranian crude barrels are still being shipped to China. Iranian oil shipments are especially appealing to a huge user like China because Tehran is selling the commodity at a discount due to the sanctions.

The “international community, including China, has been conducting normal cooperation with Iran under the global legal framework, which are both reasonable and legitimate. They deserve respect and safeguard,” the Chinese Foreign Ministry told Reuters.

In the meantime, Iran is negotiating its nuclear policy with the US in the hopes of removing sanctions. Progress has grown more difficult, according to a senior Iranian source, because the US and Western European negotiators have just “pretended” to suggest proposals to move the discussions forward.